The primary mobile application of cryptocurrency exchange Bybit, designed for iOS users, was unexpectedly taken down from Apple’s App Store in India. The development has raised concerns among Indian crypto investors and suggests potential regulatory challenges for such platforms in the country.
Disappearance Raises Concerns
Crypto enthusiasts were taken aback when they discovered that Bybit’s foremost application was no longer accessible on Apple’s platform. While the reasons for the removal remain unconfirmed, many suspect it connects to the heightened scrutiny and ambiguous regulatory landscape for digital currencies in India.
Smart View AI’s co-founder, Pushpendra Singh, took to social media to voice his opinion that the app’s removal could stem from the ongoing regulatory hesitation. Despite this setback, Android users in India can still procure Bybit’s app through the Google Play Store.
The existing user base on iOS and Android has not reported any functional disruptions with the downloaded app, and access to Bybit’s website persists in India. It’s noteworthy that Bybit has not seen the removal of its Bybit Pro application, catering to leveraged trading, from the App Store.
The event has sparked speculation about possible impending regulations targeting other active cryptocurrency exchanges in India, including OKX, which is reportedly winding down its Indian services. Moreover, accessibility issues are also cropping up with other crypto exchanges like Binance and KuCoin.
Regulatory Action Against Crypto Exchanges
It has been reported that the Financial Intelligence Unit (FIU) of India, as of late December 2023, has been targeting global crypto exchanges for potential violations under the 2002 Prevention of Money Laundering Act. The scrutiny, falling within the AML-CFT regulations, has led to considerations that the Indian government is aiming to tighten its grip on the cryptocurrency industry amid fears of money laundering and terrorism financing.