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Bybit Halts Services in India
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This decision comes as the company navigates evolving regulations in India. It aims to finalize its registration as a Virtual Digital Asset Service Provider (VDASP) in the coming weeks.
While this may feel like hitting a speed bump, Bybit assures users that withdrawals will remain unaffected, allowing them to access their funds without interruption.
What’s Changing for Indian Users?
Starting January 12, Bybit will temporarily suspend all trading products and services for Indian users. Here’s a breakdown of the key changes:
- No New Trades: Users won’t be able to place new orders for any crypto or fiat trading products. Bybit will place existing derivatives positions in “Close-Only” mode, meaning users can only close positions but cannot add or modify them.
- Restricted Deposits: Both crypto and fiat deposits will be paused, but withdrawals will continue as usual.
- Copy Trading & Bots: All copy trading relationships and trading bots will be terminated by January 13, 2025, at 5:00 AM UTC.
- P2P Ads: All INR peer-to-peer ads will be removed from the platform.
- Campaign Participation: Users will no longer be able to complete tasks for ongoing or new campaigns.
- Bybit Card Transactions: All card transactions will be restricted.
BREAKING: @Bybit_Official TO TEMPORARILY RESTRICT SERVICES IN INDIA pic.twitter.com/lTMBZDzGLw
— DEGEN NEWS (@DegenerateNews) January 10, 2025
Why These Changes?
Bybit’s move aligns with recent regulatory developments in India. It aims to ensure compliance with the country’s virtual asset framework. The exchange has emphasized that it is working closely with regulators to secure its VDASP registration, which could pave the way for restoring services.
While this pause might feel like a setback, Bybit’s proactive approach signals its commitment to building a compliant and transparent crypto ecosystem in India. The company remains optimistic about resuming full services once it clears the regulatory hurdles.
UPDATE: Bybit temporarily restricts services for Indian users starting Jan. 12, 2025.
No new trades or product access, withdrawals remain unaffected. pic.twitter.com/y9miiTZW4D
— Cointelegraph (@Cointelegraph) January 10, 2025
What Should Users Do?
Bybit encourages Indian users to withdraw funds and manage existing positions before the January 12th deadline. Bybit has assured users that withdrawals will remain operational, ensuring that funds are always accessible.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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