Bybit Temporarily Stops Services in India, Promises to Return With a License

Bybit, a cryptocurrency exchange, has temporarily stopped its services in India. This decision comes after recent changes in Indian regulations related to cryptocurrencies.

Cryptocurrency exchange Bybit has announced that it will be pausing its services in India, following recent changes in the country's cryptocurrency regulations.

Starting January 12 at 8:00 AM UTC, Indian users will no longer be able to open new trades, create new accounts, or place new orders on the Bybit platform. However, they will still be able to close existing positions and withdraw their funds from the exchange.

Bybit says it is committed to complying with all applicable laws and regulations, and that the recent developments in India have made it necessary to pause some of its services.

"In light of recent regulatory developments in India, we have decided to暫停 some services to ensure we fully comply with the evolving legal landscape," the exchange said in its January 10 announcement.

"As a result, Indian users (as defined under applicable Indian laws) will temporarily be unable to open new trades or access any products on the Bybit platform."

Indian users will also be unable to use Bybit's master-follower relationships or trading bots, and all such relationships and bots will be terminated by January 13.

Additionally, the exchange will restrict all transactions that use Bybit cards, and any outstanding balances on these cards will be credited to the users' main fiat accounts.

Bybit is currently applying for a license to operate in India, and says it expects to obtain the license "in the coming weeks."

Once it has the license, Bybit may resume its services in India.

Bybit has faced other regulatory issues in the past. In August 2024, it stopped operating in France due to the country's strict cryptocurrency laws.

The exchange says it is working to obtain a license in France so that it can restart its services in the country.

In December 2024, Malaysia's Securities Commission ordered Bybit to stop its operations, after accusing the exchange of operating an unregistered cryptocurrency exchange.

The exchange's CEO, Ben Zhou, was instructed to ensure that the company complies with the country's securities laws.

By December 27, the exchange had complied with Malaysia's demands.