Bybit to Temporarily Halt Operations in India: Key Details

In a surprising move, bybit bybit - Centralised ExchangeCrypto trading and Information Exchange has announced that it will halt its operations in India starting January 12, 2025, at 8 AM UTC. This decision comes in response to recent regulatory changes and restrictions in the country, leaving many to wonder how this will impact users.

As one of the leading global exchanges, Bybit’s temporary suspension is bound to raise questions about the future of crypto trading in India.

Keep reading to find out how this move affects users and what it means for Bybit’s plans in the country.

Commitment to Regulatory Compliance

Bybit stated that its main goal has always been to comply fully with local regulations. As a result of the latest changes in India’s regulatory environment, Indian users will not be able to open new trades or access both crypto and fiat products on the platform. However, withdrawals will continue to be available.

What’s Affected on the Platform?

Trades and Deposits: Starting January 12, Indian users will no longer be able to open new positions or make deposits. Existing derivative positions will be placed in “Close-Only” mode, meaning users can manage and close them, but not modify or add to them. Crypto and fiat deposits will also be restricted.

Other Services: Several platform services will be affected:

• Copy Trading & Trading Bots: These will be canceled or terminated by January 13, 2025, at 5 AM UTC. This means any master-follower relationships and active trading bots will no longer work.
• P2P and Campaigns: All INR peer-to-peer (P2P) ads will be removed starting January 12, 2025, at 8 AM UTC, and Indian users will no longer be able to take part in Bybit’s ongoing campaigns or new tasks.
• Bybit Card Transactions: All Bybit Card transactions will be restricted.

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Working with Regulators for Full Compliance

Bybit explained that it took this step while continuing to work closely with Indian regulators. The exchange is in the process of completing its registration as a Virtual Digital Asset Service Provider in India, which is expected to be finalized in the coming weeks. Bybit assured users that full services will resume once the registration with the Financial Intelligence Unit (FIU) is complete.