Bybit, a leading cryptocurrency exchange has announced a temporary suspension of its services for Indian users due to the recent regulatory development in the country. The services will be suspended from January 12, 2025, at 8:00 AM UTC. The Indian users will not be able to access Bybit’s trading products or service , except for withdrawals, which will remain unaffected.
What were the Regulatory Challenges?
Bybit is facing regulatory challenges in India, due to non-compliance with the country’s anti-money laundering laws. The Financial Intelligence Unit (FIU) has been cracking down on cryptocurrency exchanges operating in India, and and the exchange is one of the affected platforms. As a result, the exchange has to temporarily suspended its services in India.
The exchange is working on securing registration as a Virtual Digital Asset Service Provider in India and expects to finalize its registration in the coming weeks. The same challenges are being faced by other cryptocurrency exchanges as well.
Impact on Bybit Services
The exchange in its announcement confirmed that all the trading activities that include crypto and fiat transactions, will be restricted. New orders for trading products cannot be placed, and existing positions will be in Close-Only mode. This will allow users to manage only closing positions without the ability to modify or add to them. Both crypto and fiat deposits will also be disabled until further notice.
The platform is going to terminate the Copy Trading and Trading Bits on January 13, 2025, before 5:00 AM UTC.
Commitment to Users
Bybit assured its users that the withdrawals will remain fully operation during this period ensuring easy access to their funds. The exchange also apologized for the inconvenience caused and reaffirmed its commitment to resuming full services once the regulatory registration process is completed.
Indian users are advised to manage their open positions and withdrawals immediately, while following updates from the platform regarding the resumption of services.
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