Beginning January 12, 2025, Bybit will temporarily halt crypto trading and new account registrations in India due to adjusted regulatory requirements. Users will still be able to withdraw funds without any restrictions during the suspension period. This move comes as Bybit endeavors to earn registration as a Virtual Digital Asset Service Provider in India.

India is cracking down on cryptocurrency regulations to address issues like tax evasion, unveiling tens of millions in unpaid taxes from exchanges. The regulatory changes affect private digital assets, as Indian authorities prefer alternatives like CBDCs. Despite these challenges, the Indian cryptocurrency market continues to grow, showing strong user engagement and innovation.