Bybit Exchange completes registration with Indian regulatory authorities after paying fines

After agreeing to pay a fine of 92.7 million rupees (approximately $1 million), cryptocurrency exchange Bybit announced on Thursday that it has completed registration with the Financial Intelligence Unit of India (FIU-IND).

As part of this process, Bybit has paid fines and actively addressed and resolved previous regulatory issues, further demonstrating its commitment to transparency and the highest standards in the Indian market Bybit In the statement, we continue to work with FIU-IND to address their concerns and ensure full compliance with the Prevention of Money Laundering Act ("PMLA") and related regulations

According to the announcement released by FIU-IND at the end of January, Bybit The reason for being fined is that it continued to expand its business in the Indian market without authorization, violating the country's anti money laundering regulations. This Dubai based exchange announced in January that it will temporarily suspend services to Indian users while advancing regulatory procedures.

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