Bybit Restricts Services in India and Plans French Withdrawal Amid Regulatory Challenges
Bybit, a leading cryptocurrency exchange, faces regulatory scrutiny in both India and France, leading to significant operational changes. For French users, Bybit will cease withdrawal and custody services by January 8, 2025, advising clients to transfer assets to Coinhouse. Indian users will be temporarily restricted from opening new trades and accessing platform services starting January 12, 2025, due to regulatory shifts. While deposits for cryptocurrencies and fiat are suspended, withdrawals remain unaffected, and derivatives positions can only be closed. Additional services like Copy Trading and Trading Bots will halt by January 13, 2025, and Bybit Card transactions plus Indian Rupee ads on Binance P2P will be disabled. Bybit is working to comply with local regulations and aims to resume services in India, as similar regulatory challenges led to a complete service halt in Malaysia in 2024.
Bearish
Bybit’s operational restrictions in India and the planned service cessation in France reflect increasing regulatory pressures in key markets. Such developments typically introduce uncertainty and can lead traders to adopt a conservative stance, potentially dampening trading activities and investor confidence in these regions. This regulatory tightening could also affect liquidity and market conditions, prompting a bearish sentiment among traders who may anticipate volatility or reshuffling within these markets.