On February 5, Bybit announced that it has successfully registered with India’s Financial Intelligence Unit (FIU) following past regulatory issues. The world’s second-largest cryptocurrency exchange by trading volume can now begin the work towards starting its operations in the country.
As part of the registration process, Bybit has settled a fine, effectively closing the chapter on its prior regulatory troubles. The exchange emphasized its ongoing collaboration with FIU-IND to resolve issues and ensure full adherence to the Prevention of Money Laundering Act (PMLA) and other relevant regulations.
In a press release shared with the Cryptotimes, Bybit said, “We recognize the importance of robust Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) measures and are dedicated to upholding the highest standards in these areas.”
Bybit has also applied for a Virtual Digital Asset Service Provider (VDASP) license in India. The exchange had submitted its application in June 2024.
However, despite the temporary setback, Vikas Gupta, Bybit’s country manager for India, expressed optimism, stating that the company expects to finalize its full operations license in the coming weeks.
Bybit is also proactively involved in the Indian crypto community to educate users and spread awareness. Bybit is currently a Silver Associate Member with the Bharat Web3 Association (“BWA”). Through this partnership, we hope to use our platform to promote Web3 adoption and foster innovation in the Indian crypto ecosystem.
Bybit’s not-for-profit initiative Blockchain for Good Alliance (“BGA”) has partnered with blockchain societies of top universities like the Blockchain Society of IIT Delhi and the Blockchain Society of IIT Kharagpur to drive crypto education in India. Bybit will also be conducting a series of hackathons, workshops, and other events in partnership with top universities to foster crypto and blockchain education and awareness within the Indian market in the coming months.
