Bybit Ban in India: Transfer Your Crypto Assets from Bybit to CoinDCX Now!

The Bybit Ban Explained

Bybit recently announced a significant update affecting its Indian users. Starting January 12, 2025, users in India will no longer be able to open new trades or access the platform’s products. This decision stems from evolving regulatory changes in India and is part of the company’s efforts to ensure compliance with applicable laws.

While Bybit will restrict trading and crypto/fiat deposits, users will still be able to withdraw their funds without any disruptions. Existing derivative positions will be placed in “Close-Only” mode, meaning users can only close their positions but not modify or add to them.

If you’re a Bybit user in India, this is the perfect time to transfer your assets to a secure and FIU-compliant platform like CoinDCX, which operates fully in alignment with Indian regulations. Below is a step-by-step guide to help you transfer your crypto assets from Bybit to CoinDCX seamlessly.

Empowering Indian Users with Secure Crypto Deposits

With regulatory compliance at the core, CoinDCX’s introduction of the crypto deposit feature establishes a secure avenue for Indian users. This guide aims to facilitate a worry-free transfer of your crypto holdings from Bybit to CoinDCX, enabling you to leverage a compliant and secure exchange platform within India.

Deposit Now

How to Transfer Crypto from Bybit to CoinDCX

Step 1: 

Open the CoinDCX app on your smartphone and tap the ‘Deposit’ button on the home page.

CoinDCX Home Page

Step 2: 

Select the crypto assets you wish to transfer from your Bybit account into your CoinDCX account. Ensure the token you choose is available for deposits on CoinDCX.

Choose Your Token

Step 3: 

Say you choose USDT in this case. For instance, if you choose USDT, you will see a unique QR code and the wallet address for your CoinDCX account. Copy the wallet address or save the QR code to use during the withdrawal process from Bybit.

USDT Deposit Form

Step 4:

Log in to your Bybit account and navigate to the ‘Withdrawal’ section. Select the token you wish to withdraw (e.g., USDT).

Source: Bybit

Step 5:

Select the relevant ‘Withdraw’ option based on where you have your funds deposited.

Source: Bybit

Step 6:

On the Bybit withdrawal page, paste the CoinDCX wallet address you copied earlier. Enter the amount of crypto you want to transfer and confirm other necessary details.

Source: Bybit

Step 7:

Select the chain you wish to transfer your crypto assets over. Ensure you have chosen the same on the CoinDCX app terminal as well.

Source: Bybit

Step 8:

After initiating the withdrawal on Bybit, return to the CoinDCX app and verify the transaction. You will be required to submit a self-declaration confirming the deposit and stating the purpose of the transfer.

Self Deposit Form

Step 9: 

Now allow some time for the transaction to process, as blockchain confirmations may vary depending on the network.

Verification Underway

Step 10:

Once the verification process is complete, your crypto will securely reflect in your CoinDCX wallet. CoinDCX ensures FIU compliance, robust security measures, and a seamless trading experience tailored for Indian users.

Token Deposit Now Complete

Conclusion

The Bybit ban in India highlights the importance of choosing a crypto exchange that adheres to local regulations and prioritizes user security. By transferring your assets to CoinDCX, you can ensure uninterrupted access to your funds and enjoy a seamless trading experience.

Don’t wait—download the CoinDCX app today and make the switch!