Bybit announced a temporary suspension of its services in India starting January 12, 2025, due to regulatory challenges. The announcement was made on Bybit's website on January 10.
According to Bybit, the company will impose comprehensive service limitations for Indian users, including the inability to place new orders for trading products or modify existing derivative positions. All crypto and fiat deposits will be temporarily restricted, while withdrawals remain unaffected. These measures extend to campaign participation, with users no longer able to complete ongoing or new tasks as part of promotional campaigns.
Bybit has also discontinued its services in Azerbaijan, Malaysia, France, and Japan due to regulatory developments. In France, as of August 2, 2024, user accounts were restricted to "Close-Only" mode, prohibiting new positions or purchases across all products. Deposits were disabled and by August 13, 2024, any remaining open positions were liquidated. All card services were suspended, allowing users only to withdraw their assets.
The Autorité des Marchés Financiers (AMF) blacklisted Bybit since May 20, 2022, for operating without proper authorization under French regulations. Bybit's failure to register as a Digital Asset Service Provider (DASP), as required by the Monetary and Financial Code, led to its inclusion on the blacklist. The AMF said it may take legal action to block Bybit's website and advised French investors to secure their assets and refer to the AMF's whitelist of authorized providers before investing in crypto assets.
Bybit is a cryptocurrency exchange platform launched in 2018 aimed at supporting the growth of the crypto and Web3 ecosystem. It provides trading services and tools for over 60 million users globally with a daily trading volume exceeding $25 billion. The company has expanded its operations worldwide by opening an office in the Netherlands and working with multiple regulatory bodies such as the Virtual Assets Regulatory Authority in Dubai and the Cyprus Securities and Exchange Commission.