The main mobile application for the cryptocurrency exchange Bybit on the iOS platform was removed today from Apple’s App Store in India. This move comes at a time when regulatory pressures surrounding the world of cryptocurrency in India are increasing, indicating ongoing pressure on Bybit and other global cryptocurrency exchanges in the country.
Bybit’s Main Mobile Application Removed from the App Store
The sudden disappearance of Bybit exchange’s main mobile application from Apple’s App Store has surprised and worried cryptocurrency investors in the country. Although the exact reason behind this move has not been disclosed, many link it to the increasing regulatory uncertainty surrounding operations in India’s cryptocurrency world.
Pushpendra Singh, co-founder of Smart View AI, commented on the issue via his personal account on social media platform X, stating that the removal of Bybit’s main mobile application for the iOS platform from the App Store in India is likely a result of the country’s regulatory uncertainty. However, Bybit’s main mobile application continues to be available for download from the Google Play Store for Android users in India.
Users who have already downloaded the application to their iOS or Android devices have not reported any issues so far. Access to Bybit exchange’s website from India also continues. Moreover, despite the removal of Bybit’s main mobile application from the App Store, the exchange’s Bybit Pro application, which allows leveraged transactions, continues to be available in the App Store.
The removal of Bybit’s main application from the App Store marks a significant development amidst ongoing regulatory concerns in India. This action has led to speculation about potential further regulatory measures against other cryptocurrency exchanges operating in the country, such as OKX, which is preparing to cease its operations in India.
Users are reporting difficulties accessing other cryptocurrency exchanges in the country, including Binance, KuCoin, Gate.io, and OKX.
India Pursues Global Cryptocurrency Exchanges
As known, the Financial Intelligence Unit (FIU) had taken action against global cryptocurrency exchanges operating in India at the end of December 2023, notifying that access restrictions would be imposed on exchanges such as Binance, Gate.io, KuCoin, and Huobi.
These notifications claimed illegal activities through global cryptocurrency exchanges in India, pointing to violations of the 2002 Prevention of Money Laundering Act. The reviews conducted within the Anti-Money Laundering/Combating the Financing of Terrorism (AML-CFT) framework and the demands for blocking access to the websites of cryptocurrency exchanges led to interpretations that the government had pressed the button to regulate the cryptocurrency sector amidst growing concerns about money laundering and the financing of terrorism.
