Regulator Reinstates Bybit in India After Crypto Exchange Complies with $1 Million Penalty
by aria-crypto.com
February 8, 2025 at 01:23
Regulator Reinstates Bybit in India After Crypto Exchange Complies with $1 Million Penalty
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has resumed operations in India after a temporary suspension. The Dubai-based exchange was previously barred from trading due to non-compliance with India's anti-money laundering regulations. Bybit faced a significant setback when regulators blocked its website and imposed a monetary penalty of approximately $1 million for not registering with the Financial Intelligence Unit of India (FIU-IND). After addressing these regulatory issues, Bybit has paid the fine and officially registered with the FIU, signaling a commitment to adhere to local laws. The company expressed dedication to maintaining transparency and upholding the highest standards within the Indian market. This move demonstrates Bybit's intent to foster a compliant and robust relationship with Indian regulators and stakeholders in the crypto ecosystem.
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