Bybit has announced that it will temporarily restrict its services for Indian users starting January 12, 2025, at 8 AM UTC. This decision comes in response to recent developments from Indian regulators and aims to ensure compliance with local regulations.
Here are the key points:
Service Restrictions: Indian users will temporarily be unable to open new trades or access any products on the Bybit platform. This includes trading in both cryptocurrencies and fiat currencies, new account openings, and placing new orders on exchange products.
Withdrawals: The only service that will remain unaffected is withdrawals. Users can still access and withdraw their funds.
Existing Positions: Any existing derivatives positions will be set to “Close-Only” mode, meaning users can close these positions but cannot add to or modify them.
Deposits: Crypto and fiat deposits will be temporarily halted.
Other Services: Copy trading relationships, trading bots, and P2P ads in INR will be terminated or removed by specified deadlines.
Bybit is working towards finalizing its registration as a Virtual Digital Asset (VDA) Service Provider with India’s Financial Intelligence Unit (FIU), with the expectation to resume full services once this registration is secured in the coming weeks. This move reflects Bybit’s commitment to operating within the regulatory frameworks of the countries it serves.
