Bybit to temporarily suspend services in India
Bybit will temporarily restrict its services for Indian users starting January 12.
This pause comes as the platform finalizes its registration as Virtual digital asset service provider with the Indian Financial Intelligence Unit, according to to a company announcement.
During this period, Indian users will not be able to open new crypto or fiat transactions, access trading products, or participate in campaigns. Existing derivatives positions will be set to “close only” mode, allowing users to close their positions but preventing them from making changes or adding to them.
Additionally, INR peer-to-peer trading advertisements will be removed, copy trading relationships will be canceled and trading robots will be disabled by January 13. Withdrawals, however, will not be affected.
Bybit said the move was a response to “recent developments by Indian regulators” and followed previous restrictions. Since March 2023, the Indian government has required all VASP operators, including offshore exchanges, to register under the Prevention of Money Laundering Act.
Bybit’s regulatory issues
This is not the first regulatory hurdle for Bybit. The exchange released Canada in May 2023, services suspended in the UK by September 2023, and has stopped operations in France in August 2024 amid licensing issues.
In December 2024, Malaysian securities the regulator has taken coercive measures against the stock exchange for operating without proper registration.
Bybit has expressed its commitment to resume all its services in India once the registration process is completed. The company expects this to happen in the coming weeks and says it wants to align its operations with evolving regulatory frameworks.
“We are committed to resuming full service as soon as we have completed our registration process with the FIU,” the statement said.
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