Bybit crypto exchange has successfully registered with India’s financial regulator following its previous compliance issues in the country.
Bybit has successfully registered with India’s Financial Intelligence Unit (FIU), according to a Feb. 5 announcement shared with Cointelegraph.
As part of its ongoing compliance efforts, Bybit has settled the monetary fine related to its prior regulatory issues, according to the announcement, which added:
“We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (‘PMLA’) and associated regulations.”
The exchange is pursuing a Virtual Digital Asset Service Provider (VDASP) license in India, having submitted its registration application on June 26, 2024.
The successful registration comes nearly a month after Bybit suspended its services in India, citing “recent developments with Indian regulators,” and compliance concerns.
Following the suspension of services, Bybit’s country manager for India, Vikas Gupta, told Cointelegraph that they expect the full operations license “in the coming weeks.”
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This is a developing story, and further information will be added as it becomes available.
