Bybit Resolves Indian Regulatory Hurdles, Registers with FIU
1min read Cryptocurrency exchange Bybit has taken a significant step towards resolving its regulatory issues in India by successfully registering with the country's Financial Intelligence Unit (FIU). The company announced on Feb. 5 that it has addressed the concerns of the FIU-IND and settled a monetary fine related to its previous compliance issues.
As part of its ongoing efforts to comply with Indian regulations, Bybit has been working diligently with the FIU-IND to ensure full adherence to the Prevention of Money Laundering Act (PMLA) and associated regulations. The exchange has submitted its registration application for a Virtual Digital Asset Service Provider (VDASP) license in India on June 26, 2024.
Bybit's successful registration comes nearly a month after the exchange suspended its services in India, citing "recent developments with Indian regulators" and compliance concerns. Following the suspension, Bybit's country manager for India, Vikas Gupta, expressed optimism about the exchange's prospects in the country, stating that they expect to receive the full operations license "in the coming weeks."
