The Bybit app disappeared from the Apple App Store in India.
Nevertheless, the Bybit Pro app remained accessible on the App Store.
Whilst, Bybit was also available for download on the Google Play Store.
Bybit, a well-known crypto exchange, has encountered a significant setback in the Indian market. Last Friday, March 22, the Bybit app was removed from the Apple iOS App Store due to increasing regulatory concerns in the country’s Web3 sector. In addition, rumours were circulating on social media platforms such as X about potential regulatory actions against Bybit in India.
Bybit Vanishes From the Apple App Store
The sudden disappearance of the Bybit app from the Apple App Store left the crypto community in disbelief. The precise reason for the recent development remains unknown at this time. However, many online users attribute it to the growing regulatory uncertainty in India.
Pushpendra Singh, the co-founder of Smart View AI, shared on X that the #Bybit crypto exchange app has been removed from the Apple App Store in India, citing regulatory uncertainty. Nevertheless, Android users can still find the Bybit app on the Google Play Store.
Furthermore, the Bybit Pro app is currently accessible on the Apple App Store. In addition, users who downloaded Bybit on iOS or Android have yet to encounter any problems. In addition, accessing the Bybit website URL is also convenient.
Nevertheless, Bybit’s removal from the App Store is a noteworthy development in light of the regulatory issues in India. The move has sparked speculation about the forthcoming steps the regulators would consider toward Bybit. Furthermore, OKX is preparing to cease its operations in India.
Furthermore, the Web3 community is baffled owing to the recent crackdown on foreign crypto exchanges. Users reported difficulties accessing Binance, KuCoin, Gate.io, OKX, and other crypto exchanges. Bybit was among the digital currency trading platforms on which they relied. Hence, these users would be affected if Bybit were to move out of India or face a ban.
FIU’s Measures Against Foreign Crypto Exchanges
In late December 2023, the Financial Intelligence Unit (FIU) took action against foreign crypto exchanges operating in India. Notices were dispatched to prominent platforms, including Binance, Gate.io, Kucoin, and Huobi, alleging their operation was illegal within India through offshore entities. These notices were issued following Section 13 of the Prevention of Money Laundering Act, 2002.
This regulatory action placed virtual digital asset service providers under scrutiny within the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework. The FIU highlighted the lack of compliance by these exchanges in meeting their reporting obligations to the Indian government despite claiming to be following Indian law.
Furthermore, the FIU urged the Ministry of Electronics and Information Technology (MEITY) to block the websites of the notified crypto exchanges within two weeks. As a result, in January 2024, the website URLs and applications of Binance, OKX, KuCoin, and other platforms became inaccessible. Additionally, these CEX applications disappeared from the Google Play Store and Apple App Store just like Bybit did now.
