Cryptocurrency trade Bybit
$7.35B
has determined to briefly droop a number of of its companies in India because of latest regulatory developments.
Beginning January 12 at 8:00 AM UTC, customers in India will not have the ability to open new accounts, commerce cryptocurrencies, or place new orders on the platform.
The trade defined that the choice aligns with its dedication to conform absolutely with relevant legal guidelines.
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In an announcement launched on January 10, Bybit acknowledged the growing regulatory oversight in India. The assertion famous:
On account of latest developments from Indian regulators and in continuation of beforehand applied restrictions, <…> Indian customers will briefly be unable to open new trades or entry any merchandise on the Bybit platform.
Nonetheless, Bybit clarified that customers may nonetheless withdraw their funds with out restrictions.
For Indian customers, whereas new orders are restricted, the platform permits the administration of present buying and selling positions. Nonetheless, modifications or additions to those positions aren’t permitted.
Bybit acknowledged, “Any present derivatives place will likely be positioned in Shut-Solely mode. This implies you will be unable so as to add to or modify these positions, however you possibly can nonetheless handle closing positions”.
In the meantime, on January 8, Coinbase
$3.02B
knowledgeable its clients that the platform obtained a authorized request from the Commodity Futures Buying and selling Fee (CFTC). What occurred? Learn the complete story.
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