It does look like bybit is restricting Malaysia residents from their end. I tried to sign up for an account using Malaysia IP:
That's surprising. Looks like they took the warning seriously. I do recall they also got blocked in my country but I don't think they banned our IPs, at least in the past. I can access their website fine as of now, and I can access their sign-up page with no issues too. Makes me wonder what's the difference between Malaysia's warning and mine. It seems like most blocked services in Indonesia don't block our IPs at all. 
Topic: Bybit temporary restriction of services in India (Read 83 times)
I don't think Bybit has any plan to register and get the necessary license to operate it India, i guess they are gone for good, because if they had plans to return, they would have indicated it in their message to their customers.
Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
Maybe they just don’t want to pay the penalty because they might already be losing money from the traders they attract, especially since they’re not the only operator in the country. I also read somewhere that Binance had a similar violation before but chose to pay a $2 million penalty and complied with the requirements, which allowed them to continue operating.
Binance registers with FIU-IND, pays Rs 18.8 crore fine to restart operations in India
I wonder if this hints on their future endeavor or something—it does state temporary in India's announcement. Or is India just taken more seriously? 🤔
I most certainly think so. You can't just waste such huge market. India may not be that friendly toward crypto, but it's certainly worth fighting for. Obtaining a license in a country of 1.4 billion people must be worth all the hassles, inconvenience, high cost, knee-bending, perhaps even ass-kissing and expensive bribery, and whatnot. Malaysia, on the other hand, with its 34 million people, isn't that promising when it comes to potential revenue. They won't be a priority.
Because the restriction of Malaysian folks in bybit just happened recently, too, I couldn't help but compare.
It's interesting how there's a proper public announcement for India restriction. On the other hand, I couldn't find anything about Malaysia from bybit's official handles when I tried to look it up few days ago—lmk if I missed it though.
It does look like bybit is restricting Malaysia residents from their end. I tried to sign up for an account using Malaysia IP:
I wonder if this hints on their future endeavor or something—it does state temporary in India's announcement. Or is India just taken more seriously? 🤔
Would appreciate some insights.
It's interesting how there's a proper public announcement for India restriction. On the other hand, I couldn't find anything about Malaysia from bybit's official handles when I tried to look it up few days ago—lmk if I missed it though.
It does look like bybit is restricting Malaysia residents from their end. I tried to sign up for an account using Malaysia IP:
I wonder if this hints on their future endeavor or something—it does state temporary in India's announcement. Or is India just taken more seriously? 🤔
Would appreciate some insights.
I don't think Bybit has any plan to register and get the necessary license to operate it India, i guess they are gone for good, because if they had plans to return, they would have indicated it in their message to their customers.
Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
I don't know how regulatory procedures for getting a cryptocurrency exchange license are in India but I must say that it going to be a tough battle getting such a license in a country that is somewhat hostile to cryptocurrency like India, most countries including my country have an almost impossible to meet regulatory demands for operating a license cryptocurrency exchange and the fee place on that license is too high that it discourages both the new and old exchanges operating within the country and some of them like Kucoin were forced to leave the cryptocurrency market in Nigeria, so I believe similar to what is happening with by bybit in India is what we have in other anti crypto countries around the world. Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
I don't think Bybit has any plan to register and get the necessary license to operate it India, i guess they are gone for good, because if they had plans to return, they would have indicated it in their message to their customers.
Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
Binance was banned from operating in India, but they later registered with the fiu-ind and now they are legally allowed to offer their services to customers in India. I believe the conditions were not right for Bybit, their customers will have to move over to other available services.
I’ve heard about rumor before, but now it’s their official announcement. Maybe they weren’t able to comply with the requirements, or they were working on it but missed the deadline. Since it’s stated as temporary, they seem confident they’ll resume operations. However, they’re still lose a big income because India is such a big market, especially with its huge population.
Bybit is stopping its crypto products and services in India due to regulatory pressure. Only withdrawal will not be affected. It would be in effect from effective Jan 12, 2025, 8AM UTC.
Quote from: https://announcements.bybit.com/en/article/temporary-restriction-of-services-in-india-blt13f0abc8bb7ac9b2/
At Bybit, our primary objective has always been to operate in full compliance with all applicable rules and regulations. Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, we regret to inform you that, effective Jan 12, 2025, 8AM UTC, Indian users will temporarily be unable to open new trades or access any products on the Bybit platform. The only exception will be withdrawals, which will remain available for your convenience.
Please note the following:
All products and services: No new orders can be placed for any trading products, both crypto and fiat. For any existing derivatives position, it 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. Crypto and Fiat deposits will also be temporarily restricted. Withdrawals are not affected.
Copy Trading & Trading Bots: Due to the nature of the product, any master-follower relationships will be cancelled and/or any trading bots terminated on Jan 13, 2025 before 5AM UTC.
P2P Ads: All INR ads will be removed on Jan 12, 2025, 8AM UTC.
Please note the following:
All products and services: No new orders can be placed for any trading products, both crypto and fiat. For any existing derivatives position, it 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. Crypto and Fiat deposits will also be temporarily restricted. Withdrawals are not affected.
Copy Trading & Trading Bots: Due to the nature of the product, any master-follower relationships will be cancelled and/or any trading bots terminated on Jan 13, 2025 before 5AM UTC.
P2P Ads: All INR ads will be removed on Jan 12, 2025, 8AM UTC.
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