Bybit has announced a temporary restriction of its services for users in India starting January 12, 2025, due to new regulatory requirements.
Changes for Indian Users
From January 12, users in India will not be able to place new orders for cryptocurrencies or fiat trading. Existing derivative positions will be in 'Close-Only' mode. Deposits will be put on hold, but withdrawals will remain unaffected. Copy trading and bots will be terminated by January 13, and all INR peer-to-peer ads will be removed.
Reasons for Changes
These changes align with recent regulatory developments in India. Bybit is working to comply with the country's virtual asset framework and aims to secure its registration as a Virtual Digital Asset Service Provider (VDASP). This temporary measure reflects the company's commitment to building a compliant and transparent crypto ecosystem in India.
Recommendations for Users
Bybit advises its users in India to withdraw funds and manage existing positions before January 12, 2025, to avoid any inconvenience due to the imposed restrictions. The company assures users that fund withdrawals will remain available.
Bybit's temporary service restriction in India is part of its efforts to adhere to new regulations, aiming to make the platform safer and more transparent. The company hopes to fully resume services upon obtaining the required regulatory approvals.
