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Crypto Exchange Bybit Receives India Clearance After Settling $1M Fine
The fine was levied by the FIU-IND last week.
Feb 6, 2025, 4:42 p.m.
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What to know:
- Bybit has registered with India's Financial Intelligence Unit after paying a $1 million fine.
- The FIU imposed the fine on the crypto exchange last week due to its lack of regulatory compliance.
Crypto exchange Bybit completed registration with India's Financial Intelligence Unit (FIU-IND) after agreeing to pay a 92.7 million-rupee ($1 million) fine for operating in the country without authorization.
The Dubai-based company said in January it would temporarily halt its services to Indian users while it pursued the regulation process.
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"As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters," the company said on Thursday. "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."
In March 2023, India mandated that crypto companies would have to register with the FIU, which tackles anti-money laundering matters.
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U.S.-based DeFi group urges UK FCA to anchor crypto rules to 'unilateral control'
DeFi Education Fund says developers of non-custodial protocols should not be regulated as intermediaries under the U.K.’s proposed crypto regime.
What to know:
- The DeFi Education Fund tells FCA that regulatory obligations should apply only where there is “unilateral control” over user assets or transactions.
- The U.S.-based group argues non-custodial DeFi developers should not be treated like centralized intermediaries.
- DEF warns that applying trading platform and prudential requirements and full money-laundering laws to automated protocols would be structurally incompatible.
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