Bybit Temporarily Restricts Crypto Deposits in India

Bybit announces temporary restrictions for Indian users starting January 12, 2025, due to regulatory changes, affecting trades and deposits.

Bybit has announced that starting January 12, 2025, Indian users will temporarily be unable to open new trades or access any products on the platform. But this change is partly a continuation of earlier restrictions and partly because of recent regulatory changes in India. However, the withdrawals will not be affected, meaning users will still be able to withdraw their funds as usual.

Bybit has highlighted that the company’s primary objective is to do business in full compliance with any applicable laws. Consequently, crypto and fiat trading products orders will not be welcome. Close-Only mode will be set on the existing derivative positions. In other words, these positions cannot be added to or modified, but they will be able to close it. As well, crypto and fiat deposits will also be temporarily restricted. This is not going to affect withdrawal capabilities; they are still available, the company said.

Users Face Temporary Restrictions as Bybit Pursues Regulatory Approval in India

Other features such as Copy Trading and Trading Bots will also be affected. By January 13, 2025, before 5 AM UTC, all master follower relationships will be terminated, and all trading bots will be killed. Additionally, ads for the Indian Rupee (INR) will be removed by Binance P2P on January 12, 2025, at 8 AM UTC. After this time and date, users will be prohibited from participating in any ongoing or new campaigns.

Moreover, the Bybit Card is another important restriction that will be disabled for all transactions starting from January 12, 2025. This is a short-term remedy while Bybit continues to work closely with Indian regulators to seal its Virtual Digital Asset Service Provider registration. Due to the company obtaining this registration in the coming weeks, they are hopeful about coming back to full service for Indian users.

On the other hand, Bybit also ceased its operations in Malaysia in December 2024. In this regard, the Securities Commission took regulatory action against exchange for operating without the required registration.

Clarifying that these necessary actions are to ensure compliance with the evolving regulatory landscape in India, Bybit has assured users. As the situation evolves, the company is fully committed to keeping its users informed.

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