Bybit registers with India’s FIU after settling $1m non-compliance penalty

The use of the exchange of cryptocurrency should resume its services in India after registering with the country’s financial intelligence unit.

In a press release shared with Crypto.News, Bybit said that he was now registered with the CRF and in accordance with the India prevention law on money laundering.

“We have worked with diligence with the CRF to respond to their concerns,” wrote the firm, adding: “We recognize the importance of the fight against money laundering and the fight against financing of terrorism and terrorist measures and is devoted to maintaining the highest standards in these areas. “”

As part of the registration process, the company whose headquarters is in Dubai paid a fine of 9.27 INR crores (approximately 1.06 million dollars) imposed by the Indian Ministry of Finance. The penalty was issued after the regulators reported the relay for having operated in India without guaranteeing the necessary recording of the FIU.

According to a January 31 notice From the ministry, the “persistent and continuous non-compliance” by Bybit has prompted the Ministry of Electronics and Information Technologies to block its website under the 2000 information technology law.

India has made all crypto exchanges compulsory, including offshore platforms, for Register with the FIU And comply with PMLA since March 2023. subject to application actions.

Initially get around Pause operations In India, January 12, alerting users that this decision was in response to “recent developments of Indian regulators”. Users have been limited to the opening of new Crypto or Fiat professions, with only the remaining non -affected withdrawals.

Last year, Binance ruler A fine of approximately 18.82 INR crores ($ 2.25 million), while Kucoin paid approximately 34.5 Lahks INR ($ 41,000) before resuming operations.

Bybit also pursues a license of virtual digital asset service provider, after submitting his request on June 26, 2024, as part of his wider efforts to align with Indian regulations.

Beyond compliance efforts, Bebit acts actively with the local blockchain defense group, the Bharat Web3 Association, to promote the adoption of web3 in the country. He also launched educational initiatives thanks to partnerships with Blockchain companies from Premiere universities like Iit Delhi and Iit Kharagpur, added the press release.