Bybit, one of the world’s largest cryptocurrency exchanges, has made a major move toward fully resuming operations in India. The company has successfully registered with India’s Financial Intelligence Unit (FIU), overcoming a significant regulatory challenge after dealing with past compliance issues.
On February 5, Bybit announced that it had officially registered with India’s FIU, which is a crucial step for any financial entity looking to operate in the country. Vikas Gupta, Bybit’s country manager for India, expressed confidence, stating that the exchange expects to receive its full operational license in the coming weeks.
Resolving past compliance issues
This progress comes after Bybit faced regulatory issues that led to a temporary halt of its services in India last month. As part of the registration process, Bybit paid a fine of $1.06 million for earlier violations under the Prevention of Money Laundering Act (PMLA) of 2005. By settling these issues, the company has cleared the way for smoother regulatory approval going forward.
Gupta also emphasized Bybit’s commitment to following India’s financial laws and working closely with the country’s authorities to ensure full compliance.
Bybit’s registration with the FIU is an important step, but it is not the final goal. The exchange is now working to obtain a Virtual Digital Asset Service Provider (VDASP) license, which would allow it to fully operate within India’s crypto market. Bybit submitted its VDASP application on June 26, 2024, and is now waiting for approval.
This news comes just after Bybit suspended its services in India due to changing regulatory concerns. However, this recent development shows the exchange is actively working toward returning to the Indian market.
Bybit is not the only exchange facing challenges in India. Binance, KuCoin, and OKX have also dealt with stricter regulations on registration and compliance.
Both Binance and KuCoin have now followed India’s PMLA rules and resumed operations in the country after receiving regulatory approval. These actions reflect India’s growing focus on regulating the crypto industry, setting clear guidelines, and taking action against exchanges that fail to comply.
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