Cryptocurrency exchange Bybit has announced a temporary suspension of its services for Indian users starting January 12. This is due to the company's registration process as a Virtual Digital Asset Service Provider with India's Financial Intelligence Unit.
Reasons for the Restrictions
During the suspension period, Indian users will be unable to open new crypto or fiat trades, participate in trading campaigns, or modify existing derivatives positions. Peer-to-peer trading ads in INR will be removed, and all copy trading agreements and trading bots will be deactivated.
Bybit's Regulatory Issues
This is not the first regulatory hurdle for Bybit. Previously, the platform had suspended operations in Canada, the UK, and France due to regulatory challenges. Additionally, in December 2024, Malaysia's securities regulator took action against Bybit for operating without proper registration.
Company's Future Plans
Bybit representatives stated their intention to resume full operations in India after completing the registration process. This is expected to occur in the coming weeks, as the company aims to align with evolving regulatory standards.
Bybit plans to swiftly restore its services in India after complying with all regulatory requirements. The cryptocurrency market continues to face intense scrutiny from regulators worldwide.
