India has intensified its regulatory stance on cryptocurrency exchanges, leading to the ban of two prominent platforms, Bybit and Bitget. This move is part of a broader crackdown aimed at curbing the influence of foreign crypto exchanges in the country, which has seen a rapid increase in crypto adoption despite regulatory uncertainties.
The ban comes as Indian authorities continue to express concerns over the potential misuse of cryptocurrencies for illegal activities, including money laundering and tax evasion. Bybit and Bitget, both known for their extensive derivatives trading offerings, have attracted a significant user base in India. However, their lack of registration with Indian financial regulators and non-compliance with local laws have drawn the attention of the government.
This decision is expected to have a substantial impact on the Indian crypto market, pushing traders to either switch to locally regulated exchanges or explore decentralized platforms. As India moves towards stricter crypto regulations, the future of foreign exchanges operating in the country remains uncertain. The ban on Bybit and Bitget signals a clear message that compliance with local laws is crucial for the continued operation of crypto platforms in India.

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