The post Bybit to Temporarily Halt Operations in India appeared first on Coinpedia Fintech News
In a latest development, bybit 
bybit
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Centralised ExchangeCrypto trading and Information
Exchange has announced that it will temporarily halt operations in India starting January 12, 2025, at 8 AM UTC.
Bybit Halts Operations in India Amid Regulatory Changes
Bybit noted that their primary objective has always been to operate in full compliance with all applicable rules and regulations.
Due to recent regulatory changes in India and ongoing restrictions, Indian users will not be able to open new trades or access other products on the Bybit platform. However, the only exception will be withdrawals, which will remain available for your convenience.
Key Services Affected: Trading, P2P, and Copy Trading Suspended
Notably, in line with this, Indian users will be unable to open new trades or access any products, both crypto and fiat, on the platform. However, existing derivatives positions will be placed in Close-Only mode, meaning users cannot add to or modify positions but can still manage closing them. Crypto and fiat deposits will also be restricted, but withdrawals will remain unaffected.
In addition, other services will be impacted. Copy trading and trading bots will be canceled or terminated by January 13, 2025, before 5 AM UTC, meaning any master-follower relationships and trading bots will no longer function. All INR peer-to-peer (P2P) ads will be removed starting on January 12, 2025, at 8 AM UTC. Indian users will also no longer be able to participate in any new or ongoing tasks for Bybit’s campaigns starting from that time. Furthermore, all Bybit Card transactions will be restricted.
Bybit’s Efforts to Comply with Indian Regulations and Resume Full Service
Bybit noted that it has taken this action while continuing to work closely with Indian regulators to complete its registration as a Virtual Digital Asset Service Provider in India, a process that is expected to be finalized in the coming weeks. The exchange noted full service will resume once the registration with the FIU is complete.
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