Bybit Suspends Crypto Trading in India Due to Regulatory Challenges
Highlights:
- Bybit will implement the suspension beginning January 12, 2025, at 8 AM UTC.
- The platform is currently pursuing a license in France to resume operations in the country.
- Bybit also launched its Physical Card for users in Brazil after launching the virtual card.
Bybit has temporarily suspended its crypto trading services in India in response to new regulatory developments in the country. Bybit will implement the suspension beginning January 12, 2025, at 8 AM UTC. Indian users will not be able to open new trades or visit any platform products.
🚨 BREAKING:@Bybit_Official to temprarily halt its services in India due to regulatory pressure. pic.twitter.com/NYUk2wBsYy
— FOMO (@magFOMO) January 10, 2025
The suspension also applies to opening new accounts or placing orders through other Bybit exchange services. This decision, the company said, is in line with its aim to comply with all relevant regulations. The exchange added that these measures extend the restrictions it had already imposed on Indian users.
Although Bybit has suspended trading services, it has not affected fund withdrawals. Bybit will allow users to maintain access to their funds during this period. Bybit said that they are committed to addressing regulatory challenges and working with Indian authorities.
Impact of the Suspension on Indian Users
Trading on the Bybit platform for Indian users will be greatly changed. All new orders of both crypto and fiat transactions will be restricted by Bybit. Temporarily, both cryptocurrency and fiat deposits will be halted to prevent new trades.
Derivative positions that currently exist will go into a “Close Only” mode. The mode offers users the ability to close their open positions but does not offer modifications or additions. However, users will continually be able to withdraw their funds.
Bybit had assured its Indian users that it is actively working towards regulatory approval. The exchange is expecting to finish registration as a Virtual Digital Asset Service Provider in the coming weeks. This will enable Bybit to resume normal operations in India.
Bybit Faces Regulatory Challenges in Other Regions
Other markets outside India have also put regulatory pressure on Bybit. The exchange stopped operations in France in August 2024 due to compliance issues. Bybit is currently pursuing a license in France to resume operations in the country.
In December 2024, Malaysia’s Securities Commission directed Bybit to halt its operations. The regulator alleged that Bybit was operating as an unregistered crypto exchange. Bybit complied with all directives from the Malaysian authorities by the end of December.
Launch of Bybit Physical Card for Brazilian Users
In recent developments, Bybit has also officially launched its Physical Card for users in Brazil. This comes less than a month after Bybit rolled out its Virtual Card in the same region. Brazilian users now have the option to integrate cryptocurrency into everyday transactions without any difficulty using the Physical Card.
Bybit Unveils New Physical Card with Crypto Payment Features in Brazilhttps://t.co/uoUfbJFoGJ
— John Morgan (@johnmorganFL) January 9, 2025
The card supports cryptocurrencies such as USDT, BTC, or ETH. There are various other benefits of using the card such as a cashback of 2% of the transactions. Bybit has removed the issuance and delivery fees and annual and monthly charges.
The Physical Card supports integration with Apple Pay and Google Pay for more convenience. In addition, cardholders may receive up to 8% APR on eligible cryptocurrency balances. Users need to get the Bybit Virtual Card to apply for the Physical Card.
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Austin Mwendia
Austin Mwendia is a passionate crypto journalist with three years of experience. He has contributed to various media outlets, covering blockchain technology, market analysis, and financial trends. He is committed to educating readers and expanding the adoption of blockchain and decentralized finance.
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