Cryptocurrency exchange bybit is ready to resume its services in India after registering with the country’s financial intelligence unit.
In a press release shared with Crypto.news, bybit said it is now registered with FIU and is obedient and obedient with the prevention of India’s Money Laundering Act.
The firm wrote, “We are working diligently with FIU-Ind to remove our concerns.” these areas.”
As part of the registration process, the Dubai-facilitated firm settled the INR 9.27 crore fined (about $ 1.06 million) imposed by the Ministry of Finance. A fine was issued after the regulators were flagged off for operations in India without acquiring the necessary FIU registration.
By 31 January Information From the Ministry, the “frequent and continuous non-non-compliance” of the Bibit inspired the Ministry of Electronics and Information Technology to block its website under the 2000 Information Technology Act.
India has made it mandatory for all crypto exchanges including offshore platforms to register with FIU since March 2023 and to comply with PMLA. enforcement action.
Bybit initially stopped operations in India on 12 January, alerting users that the step was in response to “recent developments from Indian regulators”. Users were banned from opening new crypto or fiat trades, only with unaffected withdrawal.
Last year, Benance fined around INR 18.82 crore ($ 2.25 million), while Kuucin paid around INR 34.5 lahks ($ 41,000) before resumping operations.
Bybit is also a virtual digital asset service provider license, which has presented its application on 26 June 2024 as part of its comprehensive efforts to align with Indian rules.
Beyond compliance efforts, bybit is actively engaged with the local blockchain advocacy group, India Web 3 Association, to promote web 3 adoption in the country. It has also launched educational initiative through partnership with blockchain societies of premiere universities like IIT Delhi and IIT Kharagpur.
