Crypto exchange Bybit has successfully completed its registration with India’s Financial Intelligence Unit (FIU-IND) after agreeing to pay a hefty fine of 92.7 million rupees (approximately $1 million). The Dubai-based exchange had been operating in India without proper authorization, leading to the imposition of the penalty.
Bybit’s clearance to operate in India comes as a significant development for the crypto industry in the country. The exchange’s willingness to comply with regulatory requirements and settle the outstanding fine demonstrates its commitment to the Indian market. This move could potentially pave the way for other international crypto exchanges to enter India, provided they adhere to the necessary regulations.
The registration with FIU-IND is a crucial step for crypto businesses operating in India, as it ensures compliance with the Prevention of Money Laundering Act (PMLA) and associated regulations. Bybit’s successful registration, following the settlement of the fine, indicates that the exchange has addressed the concerns raised by the regulatory body and has put in place the required measures to prevent money laundering and other illicit activities.
The Indian crypto market has been in a state of uncertainty due to the lack of clear regulations and the hesitance of traditional financial institutions to engage with crypto businesses. However, Bybit’s entry into the market, with the necessary regulatory approvals, could boost investor confidence and attract more participants to the crypto space.
As Bybit resumes its services to Indian users, it will be interesting to observe how the exchange navigates the evolving regulatory landscape and competes with other domestic and international players in the market. The exchange’s ability to provide a secure and compliant platform for crypto trading will be a key factor in its success in India.
Tags: Bybit, India, Crypto Exchange, Regulation, PMLA
Source: https://www.coindesk.com/policy/2025/02/06/crypto-exchange-bybit-receives-india-clearance-after-settling-usd1m-fine