Bybit will temporarily restrict its services for Indian users starting Jan. 12.
After finishing the process of registering as a Virtual Digital Asset Service Provider with India’s Financial Intelligence Unit, this temporary halt occurs, as stated in a recent company update.
For the duration of this phase, Indian users won’t be able to initiate new crypto or fiat trades, use trading products, or engage in promotions. However, any existing derivatives positions will only allow for closing; users can close their positions but not make changes or add to them.
As a crypto investor, I want to share some updates affecting my account: Peer-to-peer trading using INR will no longer be available starting January 13, and any copy trading relationships will also be discontinued. Trading bots, too, will be deactivated on the same date. However, I’m reassured that withdrawals will remain unchanged and unaffected.
Starting January 12th, Bybit will no longer process transactions in India. Please ensure you’ve withdrawn your funds by then. đ #Reminder â ď¸â ď¸â ď¸
â Block_Diversity v.8 â˘ď¸ (@i_bot404) January 10, 2025
Bybit announced this action as a reaction to “recent decisions by Indian regulatory bodies” and builds upon previous limitations. Starting from March 2023, the Indian administration mandated that all Virtual Asset Service Providers (VASP), including offshore exchanges, must register under the Prevention of Money Laundering Act.
Bybitâs regulatory issues
Bybit has faced regulatory obstacles before. In May 2023, it left the Canadian market, stopped its services in the United Kingdom by September 2023, and halted operations in France in August 2024 due to difficulties with obtaining necessary licenses.
In December 2024, the Malaysian securities regulator initiated legal proceedings against an unregistered exchange for its illegal operations.
Bybit intends to restart its complete service offerings in India as soon as the registration process is finalized, which they anticipate will occur within the upcoming weeks. Their goal is to adjust their business practices according to the changing regulatory guidelines.
The announcement stated that we will restart complete operations once we’ve finished registering with the Financial Intelligence Unit.” (In a more casual tone, you could say, “Once we wrap up with the FIU, we’ll be back to full service.”)
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2025-01-10 18:02