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- Bybit has temporarily restricted services for Indian users
- Users in the country can no longer open new trades or access most products, with withdrawals remaining available
- This decision aligns with Bybit’s efforts to comply with Indian regulatory developments
Cryptocurrency leverage trading exchange Bybit has begun a temporary suspension of its services for users in India. The decision comes in response to recent regulatory developments in the country, as the platform seeks to ensure full compliance with local laws. While Indian users will be unable to initiate new trades or access most of Bybit’s products, withdrawal functions will remain operational to allow users to manage their funds.
Scope of Restrictions
ByBit’s Indian suspension encompasses all trading products, including both cryptocurrency and fiat transactions, with users prohibited from placing new orders across the platform. Existing derivative positions have been placed in “Close-Only” mode, permitting users to close positions but not to add or modify them. Additionally, deposits in both crypto and fiat are temporarily restricted, though withdrawals are unaffected, ensuring users retain access to their funds.
Bybit’s Copy Trading and Trading Bots services are also impacted, with all master-follower relationships and active trading bots for India users terminated. All Indian Rupee advertisements on the platform’s Peer-to-Peer section were removed on Sunday, while participation in ongoing and new campaigns has been halted for Indian users from the same date and time.
At Bybit, we are committed to aligning with local regulatory requirements and have actively working toward securing the complete registration process with the FIU, to operate in India. As part of this application process, we are collaborating with the relevant authorities to… pic.twitter.com/YC8Qc48H7n
— Bybit (@Bybit_Official) January 11, 2025
Bybit’s Commitment to Compliance
In a blog post announcing the move, Bybit expressed its commitment to operating within the legal frameworks of the regions it serves. The company is actively working with the Financial Intelligence Unit (FIU) to finalize its registration as a Virtual Digital Asset Service Provider in India, a process it anticipates completing in the coming weeks:
We apologize for any inconvenience this may cause and sincerely appreciate your understanding. We are committed to resuming full service as soon as we have completed our registration process with the FIU.
Indian users are advised to withdraw any remaining funds and manage their existing positions in accordance with the new restrictions.
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