Bybit Halts Services in India Amid Regulatory Compliance Efforts

• Bybit pulled out of the French market in August 2024 in response to regulatory demands.
• Regardless of the suspension of services, users would still be able to withdraw their funds.

In light of recent legislative changes, the global cryptocurrency exchange Bybit has announced the temporary suspension of its crypto trading services in India. Bybit has announced that from January 12 at 8:00 am UTC, a number of services, including cryptocurrency trading, account opening, and order placement via other exchange products, would be restricted.

The exchange announced the move on January 10th, with Bybit citing its desire to remain in “full compliance with all applicable rules and regulations” as the reason. The notification clarified that regardless of the suspension of trading services, users would still be able to withdraw their funds.

Regulatory Pressure

Pressure from European regulators has also been felt by the exchange. Bybit pulled out of the French market in August 2024 in response to regulatory demands. The exchange has stated its intention to begin operations once it obtains a license in the nation.

The notice states that customers will still be able to maintain their current trading positions. But they will not be able to place any new orders on the exchange. Close-Only mode will be applied to any existing derivatives position. One can still manage closing positions, but they won’t be able to add to or amend them.

According to Bybit, they are still in the process of working with the authorities to have their virtual digital asset service provider registration in India finalized. They are expecting this to happen “in the coming weeks.”

After accusing Bybit of running an unlicensed cryptocurrency exchange, Malaysia’s Securities Commission demanded that the company stop doing business in the nation by the tail end of December 2024.

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