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Bybit halts crypto trading operations in India, aiming to resume services after securing necessary approvals.
Bybit, a prominent cryptocurrency exchange, has announced the suspension of its trading services in India due to recent regulatory developments. Effective January 12, 2025, at 8:00 AM UTC, Indian users will be unable to open new trades or access Bybit’s range of products and services. This decision underscores Bybit’s commitment to complying with local regulations and ensuring the security of its users’ assets.
The suspension affects various aspects of Bybit’s operations in India. Users will no longer be able to place new orders for any trading products, including cryptocurrency and fiat trading. Existing derivatives positions will be set to “Close-Only” mode, allowing users to manage the closing of these positions without the option to add or modify them. Additionally, deposits for both cryptocurrencies and fiat currencies will be temporarily halted. Despite these restrictions, withdrawals will remain unaffected, ensuring users retain access to their funds.
Bybit’s suspension of crypto trading services in India reflects its commitment to regulatory compliance amid evolving legal frameworks.
Bybit’s decision comes in response to increased regulatory scrutiny in India. The exchange is actively working to secure registration as a Virtual Digital Asset Service Provider with India’s Financial Intelligence Unit (FIU). Bybit anticipates completing this process in the coming weeks, aiming to resume full operations shortly thereafter. This move reflects Bybit’s dedication to operating within the legal frameworks of the countries it serves.
The suspension also impacts Bybit’s copy trading and trading bot features. All master-follower relationships and trading bots will be terminated by January 13, 2025. Furthermore, all INR-related peer-to-peer advertisements will be removed by January 12. Transactions using Bybit cards will also be restricted during this period.
Bybit has faced similar regulatory challenges in other regions. In August 2024, the exchange ceased operations in France due to regulatory pressure and is currently working toward obtaining a license to resume operations. Additionally, Malaysia’s Securities Commission ordered Bybit to cease operations in the country at the end of December 2024, citing unregistered exchange activities. Bybit complied with the directive and is likely seeking to address regulatory concerns in that jurisdiction as well.
The cryptocurrency landscape in India has been marked by regulatory uncertainty. In 2023, the finance ministry issued notices to several overseas crypto platforms for operating without registering as reporting entities, leading to the blocking of their websites. Binance, one of the affected platforms, paid a fine and agreed to comply with local norms before resuming operations in India. Bybit’s proactive approach in seeking registration with the FIU indicates its commitment to adhering to India’s regulatory requirements.
