Bybit, a cryptocurrency exchange, has temporarily stopped its services in India. This decision comes after recent changes in Indian regulations related to cryptocurrencies. Starting January 12 at 8:00 AM UTC, Indian users will no longer be able to trade, open accounts, or place new orders on the platform.
Bybit ceased the operation in India temporarily. Source: XBybit says it wants to follow all laws and regulations. The exchange explained that recent regulatory developments in India made it necessary to pause some of its services. In its Jan.10 announcement, the exchange said, “Indian users will temporarily be unable to open new trades or access any products on the Bybit platform.”
Bybit User Fund Withdrawals Remain Open
Despite halting trading and other services, the platform clarified that user fund withdrawals would not be affected. Additionally, the exchange assured users that they could still manage existing derivatives positions. However, these positions would be placed in “Close-Only” mode, meaning users cannot add to or modify them but can close them if needed.
Additionally, the exchange will terminate all master-follower relationships and trading bots by January 13. The platform will also restrict all the transactions that uses Bybit cards.
Indian License Coming Soon
Bybit is trying to get a license in India to operate legally. The exchange said it is working with Indian regulators and expects to get the license “in the coming weeks.” Once it has the license, it may resume its services.
Bybit has faced regulatory issues in other countries too. In August 2024, it stopped operating in France because of local laws. The exchange said it is working to get a license in France to restart services.
In December 2024, Malaysia’s Securities Commission ordered the exchange to stop operations. The regulators accused Bybit of running an unregistered crypto exchange. The exchange’s CEO, Ben Zhou, was instructed to ensure the company followed the rules. By December 27, the exchange had complied with Malaysia’s demands.
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