Bybit will temporarily restrict its services for Indian users starting January 12.

This pause comes when the platform completes its registration as a file Virtual digital asset service provider With the Indian Financial Intelligence Unit, According to To the company's advertisement.

During this period, Indian users will not be able to open new cryptocurrency or fiat trades, access trading products, or participate in campaigns. Existing derivatives positions will be set to “close only” mode, allowing users to close their positions but preventing them from making modifications or adding to them.

Additionally, peer-to-peer trading ads in Indian Rupee will be removed, trading relationships will be cancelled, and trading bots will be deactivated by January 13. However, withdrawals will not be affected.

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PayBit ​​said the move is in response to “recent developments from Indian regulatory agencies” and follows previous restrictions. Since March 2023, the Indian government has required all VASP operators, including offshore exchanges, to register under the Prevention of Money Laundering Act.

Regulatory issues for Bybit

This is not Bybit's first regulatory hurdle. Exchange I went out Canada in May 2023, Pending services In the United Kingdom by September 2023, and to stop Operations in France in August 2024 amid licensing challenges.

In December 2024, Malaysian securities The regulatory body has taken enforcement action Against the stock exchange for operating without proper registration.

Bybit has expressed its commitment to resume full services in India once the registration process is completed. The company expects this to happen in the coming weeks, and says it aims to align its operations with evolving regulatory frameworks.

“We are committed to resuming full service once the registration process with the Financial Intelligence Unit is completed,” the announcement stated.