Bybit, one of the leading cryptocurrency exchanges, has announced a temporary restriction on its services in India, citing regulatory challenges. The move, effective immediately, will suspend new trades or access to any products on the Bybit trading outlet. However, withdrawal operations remain unaffected.
Key Details of Service Suspension
The announcement, made on Bybit’s official platform on January 10, stated: “No new orders can be placed for any trading products, both crypto and fiat. For any existing derivatives position, will be placed in Close-Only mode. This means you will not be able to add to or modify these positions, but you can still manage closing positions. Crypto and Fiat deposits will also be temporarily restricted. Withdrawals are not affected.”
The decision reflects growing regulatory scrutiny in India’s evolving cryptocurrency landscape. Bybit assured customers of its commitment to compliance, highlighting that the restriction is a precautionary step to align with local laws and safeguard users’ interests.
For crypto trading and bots, Bybit said it will cancel any master-follower relationships on January 13, 2025, before 5 AM UTC. In addition, the exchange mentioned it will remove all Indian Rupees (INR) on January 12, 2025, 8 AM UTC. The same timeline applies to the removal of campaign participation.
Bybit User Support and Next Steps
Bybit has assured affected users that funds in their wallets remain secure and accessible. The platform has also pledged to provide detailed guidance on how to manage account transitions during this period.
This development underscores the challenges faced by international crypto platforms operating in India. As policymakers continue to deliberate the future of digital assets in the country, exchanges like Bybit are recalibrating their strategies to comply with local regulations and mitigate potential risks.
For now, Indian crypto traders must adapt to these changes as the industry awaits further clarity on the legal status and operational guidelines for cryptocurrency trading in the region.
