- Bybit -Register with Indian Financial Intelligent Unit (FIU) after deciding a monetary fine.
- Indian FIU fines Bybit over $ 1 million to have breached the prevention of money laundering rules.
Bybit Crypto Exchange has finally registered with the Indian financial controller FIU after meeting compliance problems. With reference to the same, CEO Ben Zhou Posted At X, this is good news for Indian users.
Even though it is Highest second crypto exchange In the world through trade in volume, village bit had to have a penalty of more than $ 1 million from Indian supervisory authorities. Although the exchange is now completed with its registration with Indian FIU, it predicts a full operating license in the coming weeks.
Regulatory challenges for village bits in India
Based on one press release From Press Information Bureau of India, Bybit met a $ 1.06 million (9.27 crores INR) fines from FIU. The reason behind the penalty is that the exchange platform did not follow the prevention of money laundering rules (PMLA) in the country. The report also stated that the exchange continued to expand its services in India without registering with FIU-Ind.
The Indian Finance Regulator FIU-Ind-blocked bybit sites and stopped its operations in the country 2025 January. Detailed AML and CFT guidelines for exchanges that offer virtual digital asset trading were issued in 2023. Thus, the violation of these rules caused a penalty of 9.27 crore for crypto trade.
Village announced that it cancel its services in India on January 10, 2025. It also mentioned that it aims to drive in full compliance with all applicable rules and regulations.
Although the exchange interrupted its services in India from January 12, the Indian FIU offered a sanction on January 31. The announcement from Bybit clearly stated that Indian users “temporarily” cannot open new business and access their services except for withdrawals.
The exchange emphasized that this is due to the latest developments from Indian supervisory authorities. But the press release from the Indian website stated that the rules have existed since 2023. The fact that village bit decided the monetary penalty for working in the country with full compliance is remarkable.
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