Bybit to temporarily suspend services in India

Bybit will temporarily restrict its services for Indian users starting Jan. 12. This pause comes as the platform completes its registration as a Virtual Digital Asset Service Provider with India’s Financial Intelligence Unit, according to a company announcement. During this period, Indian users will be unable to open new crypto or fiat trades, access trading products, or participate in campaigns. Existing derivatives positions will be set to “close-only” mode, allowing users to close their positions but preventing them from making modifications or adding to them. Additionally, peer-to-peer trading ads in INR will be removed, copy trading relationships will be canceled, and trading bots will be deactivated by Jan. 13. Withdrawals, however, will remain unaffected. Bybit closing operations in India from 12th Jan. You have 2 days to withdraw money 🇮🇳 #Important 🚨🚨🚨 pic.twitter.com/9lYWvk8sma — Block_Diversity v.8 ™️ (@i_bot404) January 10, 2025 Bybit stated that the move is a response to “recent developments from Indian regulators” and follows earlier restrictions. Since March 2023, the Indian government has required all VASP operators, including offshore exchanges, to register under the Prevention of Money Laundering Act. You might also like: Will LUNC recover as Terra Classic burn and staking accelerates Bybit’s regulatory issues This isn’t the first regulatory hurdle for Bybit. The exchange exited Canada in May 2023, suspended services in the UK by September 2023, and ceased operations in France in August 2024 amid licensing challenges. In December 2024, Malaysia’s securities regulator took enforcement action against the exchange for operating without proper registration. Bybit has expressed its commitment to resuming full services in India once the registration process is complete. The company expects this to happen in the coming weeks and says it aims to align its operations with evolving regulatory frameworks. “We are committed to resuming full service as soon as we have completed our registration process with the FIU,” the announcement read. You might also like: Taiwanese man arrested for illicit USDT use, first case under new AML laws