Regulatory changes prompt Bybit to restrict services for India
Bybit suspends trades in India, maintaining withdrawals
Bybit, a global leader in cryptocurrency trading, has announced a temporary suspension of its services for Indian users due to recent regulatory changes.
Starting January 12, 2025, at 8:00 AM UTC, users in India will no longer be able to open new trades or access most of the platform’s products and services. The only exception is withdrawals, which will remain available to ensure user convenience, according to the exchange’s official statement.
Details of the service suspension
From January 12, all trading products, both crypto and fiat, will be unavailable for new orders. Users will not be able to initiate new trades or modify existing positions. Derivative positions will be placed in "Close-Only" mode, allowing users to close open trades but preventing them from expanding or adjusting their positions. Additionally, deposits in both cryptocurrencies and fiat currencies will be temporarily restricted, while withdrawals will remain unaffected.
Impact on copy trading and trading bots
Bybit also announced that its copy trading and trading bot features will be suspended for Indian users. On January 13, 2025, at 5:00 AM UTC, all master-follower relationships in copy trading will be canceled, and all trading bots will be deactivated. Users are advised to review their active strategies in advance to avoid any disruptions.
P2P ads and campaign participation
In addition to trading restrictions, all peer-to-peer (P2P) ads involving Indian rupees (INR) will be removed from January 12. Furthermore, users will no longer be able to participate in promotional campaigns or complete tasks related to ongoing offers. Transactions using Bybit cards will also be suspended, adding another level of limitation for users in the region.
Ongoing efforts to comply with regulations
Bybit stated that this temporary suspension is part of its ongoing efforts to fully comply with Indian regulatory requirements. The company is currently working closely with Indian authorities to complete its registration as a Virtual Digital Asset Service Provider (VASP) with the Financial Intelligence Unit (FIU). Bybit expects to finalize the process in the coming weeks and aims to resume full services for Indian users as soon as possible.
Commitment to transparency and support
Bybit acknowledged the inconvenience caused by these restrictions and expressed its gratitude to users for their patience and understanding. The company remains committed to transparency and regulatory compliance and encourages users to reach out to its customer support team with any questions or concerns.
As the regulatory landscape continues to evolve, Bybit’s decision reaffirms its commitment to providing secure and compliant services to its global users, including in key markets such as India.
In December 2024, Bybit ceased its operations in Malaysia following a directive from the Securities Commission of Malaysia (SC).
