Starting January 12, 2025, Bybit is implementing short-term limitations on user activities from India owing to new regulations. These restrictions will influence trading and deposit functions.
Bybit has made an announcement that from January 12, 2025, Indian users will temporarily not be allowed to create new trades or utilize any products on the platform. This decision is partially a result of prior restrictions and partly due to recent regulatory adjustments in India. However, it’s important to note that this update does not affect the ability for users to withdraw their funds as normal.
Bybit has emphasized that their main priority is operating within the bounds of all relevant laws. Therefore, orders for both cryptocurrency and fiat trading products will not be accepted. The existing derivative positions will be set to Close-Only mode, meaning they can’t be altered or added to, but they can still be closed. Additionally, crypto and fiat deposits are currently being restricted, though withdrawal capabilities remain unaffected.
Users Face Temporary Restrictions as Bybit Pursues Regulatory Approval in India
From January 13, 2025 (before 5 AM UTC), certain features like Copy Trading and Trading Bots will no longer function. Furthermore, on January 12, 2025 (at 8 AM UTC), ads using the Indian Rupee (INR) will be discontinued on Binance P2P. After this date and time, users won’t be allowed to take part in any ongoing or future promotions.
The key points are:
– Certain features like Copy Trading and Trading Bots will stop functioning by January 13, 2025 (before 5 AM UTC)
– Ads using the Indian Rupee (INR) will be removed on Binance P2P on January 12, 2025 (at 8 AM UTC)
– Users won’t be allowed to participate in any ongoing or future campaigns after a specific date and time.
Additionally, starting from January 12, 2025, the usage restriction on the Bybit Card will be lifted for all transactions. This temporary measure is being taken while Bybit collaborates closely with Indian regulators to secure its Virtual Digital Asset Service Provider registration. Once this registration is obtained in the coming weeks, they are optimistic about resuming full services for users in India.
However, it’s important to note that Bybit halted its services in Malaysia during December 2024. The Securities Commission enforced regulatory measures against the exchange because they were found to be operating without the necessary registration.
Bybit has made it clear that certain required steps are taken to maintain compliance with India’s changing regulatory environment. The company promises to keep its users updated as the circumstances develop, demonstrating their unwavering commitment to transparency.
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2025-01-13 12:18