Cryptocurrency exchange Bybit has notified Indian users of temporary restrictions starting on January 12.

According to the announcement, clients in India will not be able to open accounts, trade cryptocurrency, or access any other products. The company attributed the move to a desire to operate “in full compliance with all applicable rules and regulations.”

“In light of recent developments with Indian regulators and following previously introduced restrictions […] Indian users will temporarily be unable to open new positions or access any of our products on the platform,” the notification states.

The restrictions do not affect withdrawals. Bybit representatives emphasized their plans to complete registration as a virtual asset service provider in India.

Context

Earlier, the Securities Commission of Malaysia accused Bybit of operating without a license and ordered it to cease operations by December 25, 2024.
In August, Bybit announced it would discontinue services in France, following tighter regulatory requirements in preparation for the MiCA framework.