Bybit In India Will Stop Supporting Users From January 12

Key Points:

• Bybit in India will temporarily halt new trades, deposits, and product access from January 12, 2025.
• Bybit faces increasing regulatory pressure, having ceased operations in France in 2024, with plans to secure a license to resume activities there.

Global cryptocurrency exchange Bybit has announced a temporary suspension of trading and product access for users in India after recent regulatory developments in the country.

Read more: Bybit in Malaysia Suspends Operations for 14 Days Due to Illegal Activities

Bybit in India to Suspend Trading Services

Starting from 8:00 AM UTC on January 12, 2025, users will not be able to open new trades or access any products belonging to Bybit in India. Withdrawals remain unaffected for the convenience of the users.

All trading of cryptocurrencies and fiat will no longer accept new orders. Existing derivatives positions will be changed into “close-only” mode to allow users to close but not modify or add to their positions. The deposit functionality for cryptocurrencies and fiat will also be turned off.

Bybit’s Challenges in India and Beyond

The move follows a series of regulatory challenges faced by Bybit across the globe. In August 2024, the exchange stopped operations in France as it faced increased regulatory scrutiny. Bybit stated it is working on securing a license to resume operations in the country.

The temporary halt of Bybit in India underlines a very strict regulating environment facing cryptocurrency exchanges around the world, with authorities already wary, imposing even more stringent measures against the rapidly changing digital asset space.