After one and half month of closing, crypto exchange ByBit has now resumed its trading services in India following the regulatory approval from Indian authorities.
The exchange informed their Indian users via email on 25 February that all ByBit services “including the ability to open new trades” and access to other products have been fully restored. Users from India can now access all functions which they were restricted to use before.
Earlier in January, ByBit suspended access to several services – including account opening, order placing and other products – in India citing regulatory issues with local authorities. At the time, exchange representatives said that they are in process to pursue a full operational license from the country’s Financial Intelligence Unit (FIU).
The latest announcement from ByBit reads that they are now officially registered with Indian authorities and are excited to continue providing a full range of services.
Last week, ByBit fell victim to the largest crypto hack in history with the attackers stealing over $1.5 billion of ETH from the exchange. This cold wallet breach shook the whole crypto community with the supposed attacker being none other than the infamous Lazarus Group of North Korea.
As India is one of the biggest and emerging markets in crypto space – ByBit, Binance and other exchanges are competing to acquire users despite strict regulations.
Read: ED conducts raids in Rs 600 crore Crypto scam; Freezes Rs 2.5 crore from accused
