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Bybit Registers with FIU, Nears Full Crypto Operations in India

Bybit, one of the world’s largest crypto exchanges, has cleared a key regulatory hurdle in India. The company successfully registered with India’s Financial Intelligence Unit (FIU), marking a crucial step toward resuming full operations after facing compliance issues.

Bybit Gains Regulatory Approval

On February 5, Bybit announced its official FIU registration, a mandatory requirement for financial entities operating in India.

https://twitter.com/CryptooIndia/status/1887090033011663001

This comes after Bybit paused services in India last month due to regulatory challenges. As part of its compliance efforts, the company paid a $1.06 million fine under the Prevention of Money Laundering Act (PMLA) of 2005.

By resolving these issues, Bybit is reinforcing its commitment to working with Indian authorities and complying with local financial laws.

Pursuing a VDASP License

Beyond FIU registration, Bybit is also seeking a Virtual Digital Asset Service Provider (VDASP) license. This license would grant the exchange full operational rights in India’s crypto market.

Bybit submitted its VDASP application on June 26, 2024, and is now awaiting approval. The latest developments suggest that the exchange is actively working toward a complete return to the Indian market.

India’s Tougher Crypto Regulations

Bybit isn’t the only crypto exchange facing increased scrutiny in India. Other major platforms, including Binance, KuCoin, and OKX, have also encountered regulatory challenges.

However, both Binance and KuCoin have since complied with India’s PMLA regulations and resumed operations.

India’s strict stance on crypto regulation signals a major shift, with authorities setting clear guidelines and penalizing non-compliant exchanges.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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