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.
Topic: Temporary Restriction of Services in India (Read 18 times)
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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