Bybit, a prominent digital asset trading platform, has declared it will temporarily halt its services in the country with the second-largest internet user base, India, effective January 12th at 8 AM UTC. This means that new accounts cannot be opened, trading or access to any of the exchange’s cryptocurrency services will no longer be available for customers residing in this region.
As per the official statement from Bybit, they have chosen to adhere to the regulations and guidelines set forth by local authorities. For Indian users, only withdrawal services will continue to function, reportedly for the convenience of the clients.
All Services on Bybit Now Closed for Indian Users
You should keep in mind that functions such as fiat trading, copy trading, automated trading bots, and P2P transactions are available for use. However, only the ability to “close” derivatives positions will be provided. Furthermore, all transactions using the Bybit card and both crypto and fiat deposits have been temporarily suspended.
While you can still use services like regular trading (fiat), copy trading, automated bots, and peer-to-peer transactions, you can only close positions related to derivatives. Additionally, neither the Bybit card nor any crypto or fiat deposits are currently being accepted.
According to Bybit, this issue is merely a temporary obstacle. They are collaborating with India’s Financial Intelligence Unit (FIU) to obtain their registration as a digital asset service provider. Bybit plans to swiftly finalize the registration process with local officials and restart operations in the near future.
While we’re still collaborating with the regulatory body for final approval of our registration as a Virtual Digital Asset Service Provider in India, Bybit has already implemented this step. We anticipate receiving confirmation within the next few weeks.
According to previous reports from Coinspeaker, Bybit stopped allowing deposits and withdrawals for all users in France starting January 8th. This decision was made because the company did not manage to register as a Digital Asset Service Provider (DASP) with local regulatory bodies.
Other Exchanges Face a Similar Situation
In 2023, access to several crypto exchanges including Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex was restricted by the authorities, with their websites being blocked. Not long after this, Bybit temporarily halted operations.
The global leader in digital asset trading, Binance, was issued a warning by the country’s finance ministry due to non-compliance with anti-money laundering regulations. As a response, Binance registered itself as a reporting entity with the Financial Intelligence Unit India (FIU-IND) by August 2024, according to local reports.
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2025-01-10 23:48