- Registration follows Bybits January 31 on penalty of 9.27 crore coupier ($ 1.06 million).
- Bybit was hacked on February 21, 2025 by the North Korean-affiliated Lazarus group.
In a statement on February 25, Bybit said it had registered with the Indian government and that all services had been restored to customers in the country. Registration follows Bybits January 31 on penalty of $ 9.27 Crore Rupier ($ 1.06 million) for a violation of the Money Laundering Act (PMLA) by India’s financial intelligence unit (FIU).
The Cryptocurrency exchange had already discontinued services to the nation a few weeks before the penalties and stated that they were worried about not following the Indian government’s regulations.
According to the report on fines and violations, village bit continued to grow their services in the Indian market without registering with FIU-Ind, which is mandatory. To stop activities under the Information Technology Act, FIU-Sinde blocked its websites because of the persistent and continued lack of compliance. Bybit is available in 1,174 markets and has more than 60 million users globally, according to Coinmarketcap.
Significant notch
Bybit was chopped On February 21, 2025, by the North Korean affiliated Lazarus group, leading to theft of more than $ 1.4 billion ether tokens. This incident occurred four days before the restoration of services to customers in India.
Crypto security experts have described the attack as evidence of “increasingly creative exploits” in the crypto sector, while analysts have said the event reveals security holes in centralized exchanges.
Theft and outlets caused Bybit Assets to fall by more than $ 5.3 billion on February 22. Nevertheless, third -party audits verified that the exchange reserves remained higher than their debts. Bybit CEO Ben Zhou made the observation that withdrawals were back to normal speed on February 22.
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