Bybit Freezes Indian Trades, Cites Compliance Challenges

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Bybit Freezes Indian Trades, Cites Regulatory Compliance Challenges

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 10, 2025

Key Takeaways

Bybit suspends trading, new accounts, and orders in India due to regulatory pressures;
Users can withdraw funds but cannot modify or open new trading positions;
Bybit aims to comply fully with Indian laws while managing ongoing regulatory changes.

Bybit Freezes Indian Trades, Cites Regulatory Compliance Challenges

Cryptocurrency exchange Bybit $8.36B has decided to temporarily suspend several of its services in India due to recent regulatory developments.

Starting January 12 at 8:00 AM UTC, users in India will no longer be able to open new accounts, trade cryptocurrencies, or place new orders on the platform.

The exchange explained that the decision aligns with its commitment to comply fully with applicable laws.

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In a statement released on January 10, Bybit acknowledged the increasing regulatory oversight in India. The statement noted:

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.

However, Bybit clarified that users could still withdraw their funds without restrictions.

For Indian users, while new orders are restricted, the platform allows the management of existing trading positions. However, modifications or additions to these positions are not permitted.

Bybit stated, “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".

Meanwhile, on January 8, Coinbase $3.29B informed its customers that the platform received a legal request from the Commodity Futures Trading Commission (CFTC). What happened? Read the full story.