Bybit App Disappears From Apple App Store In India

Today, the Bybit cryptocurrency exchange application was pulled from the Apple App Store in India due to substantial regulatory scrutiny.

Key points of the story

include the disappearance of the Bybit app from the Apple App Store in India, although the Bybit Pro app remained accessible. Additionally, it's noted that Bybit was still downloadable from the Google Play Store.

Bybit, a well-known cryptocurrency exchange, encountered a significant setback in the Indian market recently. On Friday, March 22, the Bybit app was removed from the Apple iOS App Store due to growing regulatory concerns within India's Web3 sector. Additionally, various social media platforms, such as X, were abuzz with speculations regarding a potential regulatory crackdown on Bybit in India. These developments highlight the increasing regulatory scrutiny faced by cryptocurrency platforms in the country and the uncertainties surrounding their operations.

Bybit Vanishes From Apple App Store

The disappearance of the Bybit app from the Apple App Store came as a surprise to the crypto community, sparking speculation about the underlying reasons. While the exact cause remains unknown, many attribute it to the increasing regulatory uncertainty in India.

Pushpendra Singh, co-founder of Smart View AI, shared on X that the removal of the Bybit app from the Apple App Store in India is likely due to regulatory uncertainty.
Despite this development, the Bybit app remains accessible on the Google Play Store for Android users, and the Bybit Pro app is still available on the Apple App Store. Users who have already downloaded the Bybit app on iOS or Android have not encountered any issues so far, and the Bybit website remains accessible without difficulty.

However, Bybit's removal from the App Store signifies a significant development amid regulatory concerns in India, prompting speculation about potential actions regulators may take against Bybit. Additionally, OKX is preparing to cease its operations in India, adding to the evolving landscape of cryptocurrency regulation in the country.

Moreover, the Web3 community is puzzled by the recent crackdown on foreign cryptocurrency exchanges. Users have reported difficulties accessing platforms like Binance, KuCoin, Gate.io, and OKX, among others, which they relied on for digital currency trading. Bybit was one such platform, and if it were to exit India or face a ban, it would adversely impact these users.

FIU’s Action Against Foreign Crypto Exchanges

In late December 2023, the Financial Intelligence Unit (FIU) took action against foreign cryptocurrency exchanges operating in India. Notices were sent to prominent platforms such as Binance, Gate.io, Kucoin, and Huobi, accusing them of operating illegally in India through offshore entities. These notices were issued under Section 13 of the Prevention of Money Laundering Act, 2002.

This regulatory action subjected virtual digital asset service providers to scrutiny under the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework. The FIU highlighted the exchanges' failure to fulfill reporting obligations to the Indian government, despite claims of compliance with Indian law.

Conclusion

Furthermore, the FIU called on the Ministry of Electronics and Information Technology (MEITY) to block the websites of the notified cryptocurrency exchanges within a two-week period. As a result, in January 2024, the website URLs and applications of Binance, OKX, KuCoin, and others became inaccessible. Additionally, these cryptocurrency exchange (CEX) applications disappeared from both the Google Play Store and Apple App Store, similar to what happened with Bybit recently.