Bybit Navigates Regulatory Hurdles with FIU Approval to Reinforce Presence in India
by aria-crypto.com
February 5, 2025 at 13:16
Bybit Navigates Regulatory Hurdles with FIU Approval to Reinforce Presence in India
Bybit, a prominent global cryptocurrency exchange, has intensified its efforts to strengthen its operations in India by obtaining registration from the Financial Intelligence Unit (FIU). This crucial development follows a temporary suspension of services due to earlier compliance challenges. The exchange was fined $1.06 million for violations under the Prevention of Money Laundering Act of 2005 but has since resolved these issues, setting a path towards smoother regulatory approval. Vikas Gupta, Bybit's country manager for India, confirmed their progress and expressed confidence in receiving a full operational license shortly. Bybit's ambition doesn't end here; they have also applied for a Virtual Digital Asset Service Provider (VDASP) license, aiming to fully embed within India’s evolving crypto framework. This move comes as part of India's broader push to tighten regulations around cryptocurrency operations, ensuring better compliance and setting a precedent that other exchanges like Binance and KuCoin have also followed.
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