Dubai-based cryptocurrency exchange Bybit has announced it will temporarily restrict services for Indian users, effective January 12, 2025, at 8 AM UTC. This decision comes in response to recent regulatory developments in India. Starting on this date, Indian users will be unable to open new trades or access various products on the platform, including crypto and fiat trading, copy trading, and trading bots.

While trading functionalities will be halted, Bybit has assured users that withdrawals will remain unaffected, allowing them to access their funds. Existing derivatives positions will shift to a close-only mode, meaning users can only manage the closure of these positions. Additionally, all INR-related P2P ads will be removed by January 12.

Bybit stated that these measures are temporary as the platform works towards securing its registration as a Virtual Digital Asset (VDA) service provider with India's Financial Intelligence Unit (FIU). The exchange expressed its commitment to resuming full operations once the registration process is completed. This move highlights the ongoing regulatory scrutiny faced by cryptocurrency exchanges operating in India.