In a significant development affecting the cryptocurrency landscape, Bybit, a prominent centralized exchange for crypto trading and information, has announced plans to temporarily cease operations in India. This suspension is set to take effect on January 12, 2025, at 8 AM UTC. The decision comes amid evolving regulatory conditions that have prompted the exchange to reassess its operations in the region.
Bybit Halts Operations in India Amid Regulatory Changes
Bybit has always prioritized compliance with all applicable rules and regulations. However, recent regulatory changes in India, coupled with ongoing restrictions, have made it challenging for the platform to continue serving Indian users. As a result, Indian customers will be unable to initiate new trades or access the diverse range of products offered by Bybit. Despite these limitations, withdrawals will remain accessible to users, ensuring they can manage their funds conveniently.
Key Services Affected: Trading, P2P, and Copy Trading Suspended
The suspension will notably impact several key services. Indian users will face restrictions on opening new trades or accessing any crypto and fiat products on the platform. Existing derivatives positions will be shifted to a Close-Only mode, allowing users to manage and close their positions without the option to add or modify them. Both crypto and fiat deposits will be temporarily disabled, although withdrawal services will continue without interruption.
Additionally, the platform’s copy trading and trading bot services will be terminated by January 13, 2025, before 5 AM UTC. This will effectively end all master-follower relationships and the operation of trading bots. Furthermore, all INR peer-to-peer (P2P) advertisements will be removed starting January 12, 2025, at 8 AM UTC. Indian users will also be restricted from participating in any new or ongoing Bybit campaigns from this date, and all transactions using the Bybit Card will be limited.
Bybit’s Efforts to Comply with Indian Regulations and Resume Full Service
Despite the temporary suspension, Bybit remains committed to working closely with Indian regulators to ensure compliance and secure its registration as a Virtual Digital Asset Service Provider in the country. This registration process is anticipated to be completed in the coming weeks. Once registered with the Financial Intelligence Unit (FIU), Bybit intends to resume full services, reaffirming its commitment to the Indian market.
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