*Update – The issue has been resolved, Rank queues are now enabled.
Since 10:30 PM IST (Approximate) players of Valorant are facing problems that have reset the key binds and settings of the game. Additionally, rank queues have been disabled by riot because of this error.
We know your custom settings are key to the competitive experience. We're disabling ranked queues temporarily until we can get the settings issue resolved.
— VALORANT (@VALORANT) February 10, 2021
Riot is actively looking at the root of this issue and aims to fix this problem as soon as possible. We also have received reports of players who are facing no such problem. Hence, waiting until Riot fixes the error would be the best course of action.