Bybit, a global crypto exchange, announced a temporary suspension of its crypto trading services in India, citing regulatory developments.
Starting Jan. 12 at 8:00 am UTC, Bybit will restrict several services, including cryptocurrency trading, account openings and placing orders through other exchange products.
Bybit attributed the decision to its goal of operating in “full compliance with all applicable rules and regulations,” the exchange stated in a Jan. 10 announcement, adding:
“Due to recent developments from Indian regulators and in continuation of previously implemented restrictions […] Indian users will temporarily be unable to open new trades or access any products on the Bybit platform.”
The announcement said that while trading services are halted, user fund withdrawals are unaffected.
Bybit has also faced regulatory pressure in Europe. In August 2024, Bybit ceased operations in France due to regulatory pressure. The exchange said that it is working toward obtaining a license in the country, which would allow it to resume operations.
Cointelegraph approached Bybit for comment but had received no response by the time of writing.
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Bybit expects Indian license in “coming weeks”
While the exchange’s users will not be able to place any new orders, existing trading positions can still be managed, according to the announcement:
“Any existing derivatives position will be placed in Close-Only mode. This means you will not be able to add to or modify these positions, but you can still manage closing positions.”
Bybit said it will continue to work with the regulator to finalize its registration as a virtual digital asset service provider in India, which it expects “in the coming weeks.”
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At the end of December 2024, Malaysia’s Securities Commission ordered Bybit to cease operations in the country after accusing it of operating an unregistered crypto exchange.
The regulator specifically directed Bybit CEO Ben Zhou to ensure the company complied with all the directives. As of Dec. 27, the commission confirmed that Bybit had complied.
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