Bybit, a leading cryptocurrency exchange, announced today that it will temporarily restrict its services to Indian users. The drastic measures are taken due to recent developments from Indian regulators and in continuation of previously implemented restrictions.
Starting January 12, 2025, at 8 AM UTC, Indian users will no longer be able to open new trades or access any products on the Bybit platform.
All new orders for trading, including both crypto and fiat, will be barred. To stop users from opening new trades, crypto and fiat deposits will be temporarily halted. Existing derivatives positions will be switched to “Close-Only” mode, allowing users to close but not add to or modify positions.
The only service not affected by this restriction is withdrawals, ensuring users can still access their funds.
To sum it up, all transactions using the Bybit Card in India will be blocked.
This temporary measure comes as Bybit navigates the regulatory landscape in India, aiming to secure registration as a Virtual Digital Asset Service Provider with the Financial Intelligence Unit (FIU).
The company expressed its commitment to full compliance and plans to resume normal operations once registration is finalized, expected in the coming weeks.
Bybit has apologized for any inconvenience caused and emphasized its ongoing efforts to work with Indian regulators. For further assistance, Indian users are encouraged to contact Bybit’s customer support through the official support form.
Also Read: Malaysia SC Shuts Down Bybit for Unregistered Operations
