Bybit Completes Registration with India’s Financial Intelligence Unit
Crypto exchange Bybit has successfully registered with India’s Financial Intelligence Unit (FIU-IND) after settling a significant 92.7 million-rupee ($1 million) fine for previously operating in the country without the necessary authorization. This move marks a crucial step for the Dubai-based platform as it seeks to align with local regulations.
Back in January, Bybit announced its decision to temporarily suspend services for Indian users while it navigated the regulatory landscape in India. In a recent statement, the company emphasized, “As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters.”
The exchange has been actively collaborating with the FIU-IND to tackle their concerns and ensure complete compliance with the Prevention of Money Laundering Act (PMLA) and related regulations. This partnership underscores Bybit’s commitment to operating within the legal frameworks of the countries it serves.
In March 2023, the Indian government mandated that all cryptocurrency companies register with the FIU as part of its efforts to combat money laundering and enhance regulatory oversight in the rapidly evolving crypto sector.
