Cryptocurrency exchange Bybit has announced temporary restrictions for users in India due to recent regulatory changes.
Reasons for Temporary Restrictions
Bybit is adapting to changes in Indian cryptocurrency regulation by temporarily restricting its services. The company aims to register as a Virtual Digital Asset Service Provider with the Financial Intelligence Unit in India.
Details of Service Changes
Starting January 12, 2025, Indian users will not be able to open new trades or access Bybit's platform. New trading orders will be halted, and crypto and fiat deposits will be temporarily suspended. Existing derivatives positions will be set to 'Close-Only' mode, allowing users to close but not add to or modify positions. Users will still be able to withdraw their funds.
Collaboration with Indian Regulators
Bybit has expressed its commitment to full compliance and plans to resume normal operations once registration is finalized, expected in the coming weeks. The company apologizes for any inconvenience and emphasizes efforts to engage with Indian regulators.
Bybit remains committed to full compliance with regulatory requirements in India, assuring its customers of a prompt return to normal operations.
