Bybit, a major cryptocurrency exchange, is back in the Indian market after paying a hefty fine and registering with Indian regulators.
A Temporary Setback
Last month, Bybit temporarily suspended its services in India. Indian users couldn’t trade or access most platform features, only withdrawals were allowed. This was because the exchange hadn’t registered with India’s Financial Intelligence Unit (FIU-IND), as required by anti-money laundering laws. The FIU responded by blocking Bybit’s websites and issuing a $1,058,512 fine.
Back in Business
Bybit announced this week that it has now fully registered with the FIU and paid the fine. The company stated its commitment to transparency and compliance in the Indian market. They also mentioned that their Virtual Digital Asset Service Provider (VDASP) registration application was submitted back in June 2024.
Looking Ahead
Bybit emphasized its cooperation with the FIU throughout the registration process. The exchange is now fully operational in India again.
