Bybit Bolsters Indian Presence with FIU-IND Registration

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has taken a significant step towards strengthening its presence in the Indian market. The exchange has successfully registered with the Financial Intelligence Unit - India (FIU-IND), demonstrating its commitment to regulatory compliance in the region.

As part of the registration process, Bybit has addressed and resolved prior regulatory matters, including the settlement of a monetary fine. This action underscores the exchange's dedication to transparency and adherence to the highest standards in the Indian market. Bybit has been working diligently with the FIU-IND to ensure full adherence to the Prevention of Money Laundering Act ("PMLA") and associated regulations, emphasizing the importance of robust Anti-Money Laundering ("AML") and Combating the Financing of Terrorism ("CFT") measures.

Bybit's engagement and cooperation throughout the FIU-IND registration process reflect its commitment to compliance. The exchange has been actively working to fulfill all necessary requirements for compliance, including its registration application on 26 June 2024 as a Virtual Digital Asset Service Provider ("VDASP") in India.

In addition to its regulatory efforts, Bybit is proactively involved in the Indian crypto community. The exchange is currently a Silver Associate Member with the Bharat Web3 Association ("BWA"), aiming to promote Web3 adoption and foster innovation in the Indian crypto ecosystem. Bybit's not-for-profit initiative, Blockchain for Good Alliance ("BGA"), has partnered with blockchain societies of top universities like Blockchain Society of IIT Delhi and Blockchain Society of IIT Kharagpur to drive crypto education in India. The exchange plans to conduct a series of hackathons, workshops, and other events in partnership with top universities to foster crypto and blockchain education and awareness within the Indian market in the coming months.

Bybit recognizes the great potential of the Indian market and is committed to offering the best services and products to all Indian users. The exchange provides a range of offerings, including Spot, Derivatives, Options, and Bybit Earn, to cater to the diverse needs of its users in the region.