Bybit exchange has announced a temporary suspension of services for Indian traders in response to local regulatory pressures. Restrictions will affect various services and products.
Restrictions for Indian Traders
Effective January 12, Bybit will suspend the opening of new trades and access to most products for users from India. Traders will only have access to fund withdrawals, with no option for new deposits. Derivative positions will be limited, and users will not be able to add funds or modify exposure. Trading bots will be discontinued, and campaign participation will halt over the weekend.
Bybit's Registration in India
Bybit aims to complete its registration as a Virtual Digital Asset Service Provider in India within a few weeks. This will allow services to resume post-registration.
India's Role in the Crypto Market
India accounts for 4.4% of the overall traffic on Bybit's site, making it a key location for meme token exchanges. Despite the lack of clear regulations, India ranks high on the crypto adoption index, known for its swift adoption of trends and influence in meme token communities.
The restrictions for Indian traders may significantly impact some tokens. While other market operators are not making similar moves, Bybit remains a notable player with a preserved reputation and liquidity.
