Bybit, one of the world’s leading cryptocurrency exchanges, has announced that it will temporarily restrict services for Indian users, effective from January 12, 2025, at 8 AM UTC. The decision comes as part of Bybit’s efforts to comply with recent developments from Indian regulators.

Key Restrictions for Indian Users:

Starting from the specified date and time, Indian users will no longer be able to:

  • Open new trades or positions on the Bybit platform.
  • Access any new products, including crypto and fiat transactions.
  • Deposit crypto or fiat currencies into their accounts.

However, existing derivatives positions will be switched to “Close-Only” mode, allowing users to close their positions but not add to or modify them. Additionally, Bybit Card transactions will be blocked, and users will no longer be able to initiate new orders.

The only service unaffected by the restrictions will be withdrawals, ensuring that users can still access and withdraw their funds.

Reason Behind the Restrictions:

This move comes amid heightened regulatory scrutiny in India, as Bybit seeks to secure registration as a Virtual Digital Asset Service Provider with the Financial Intelligence Unit (FIU). The exchange emphasized that these measures are temporary and necessary to comply with local regulations while it finalizes the registration process.

Bybit’s Commitment to Compliance:

Bybit expressed its apologies for the inconvenience caused and reassured its Indian users that the platform is working closely with regulators in India to ensure compliance with the latest rules. The company is hopeful that these restrictions will be lifted once the necessary registration with the FIU is completed, which is expected in the coming weeks.

What Indian Users Should Do:

Bybit has advised Indian users to contact their customer support for further assistance and to stay updated on the developments regarding the resumption of services. Users are encouraged to submit any inquiries through the official support form on the Bybit website.

Conclusion:

While the restrictions may be disappointing for some users, Bybit’s proactive approach to regulatory compliance underscores the exchange’s commitment to maintaining a secure and regulated trading environment. As Bybit works toward completing its registration process, Indian users can expect normal operations to resume in the near future.

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