Bybit Registers with India’s FIU, Eyes Full License In A Week
Bybit, one of the world’s largest cryptocurrency exchanges, has taken an important step towards restoring all operations in India. The company has successfully registered with the Financial Intelligence Unit (FIU) in India, clearing a significant regulatory hurdle after past compliance issues.
BYBIT ensures FIU registration
On February 5, Bybit announced that it had officially registered on FIU in India, a key requirement for any financial entity operating in the region.
Bybit India’s national manager Vikas Gupta expressed confidence in the process, noting that the exchange hopes to obtain its full operating license in the coming weeks.
This happened after the regulatory troubles faced by the exchange, which led to Temporarily cease its services Last month in India. As part of the registration process, Bybit must pay a $1.06 million fine for previous violations under the 2005 Money Laundering Act (PMLA).
With this settlement, the company effectively addresses all excellent compliance issues, paving the way for a smoother regulatory path to the future. The exchange even ensures its commitment to working closely with the Indian authorities and ensures full compliance with the country’s financial laws.
Pursuing VDASP License
In addition to its FIU registration, Bybit is also aiming to obtain a Virtual Digital Asset Service Provider (VDASP) license, which will enable it to operate fully in the cryptocurrency market in India. The exchange submitted a VDASP registration application on June 26, 2024 and is now awaiting approval.
This update was made shortly after Bybit suspended its services in India due to evolving regulatory issues. However, the latest developments show that the company is actively working to make a full comeback.
India’s strong stance on encryption
Bybit is not the only crypto exchange that Indian authorities have taken action. Binance, Kucoin and OKX also faced challenges and had tougher regulations on registration and compliance.
However, both Binance and Kucoin agreed to abide by India’s PMLA rules and resumed actions in the country Ensure regulatory approvalEssence
These changes suggest that India has taken a stronger stance in regulating the cryptocurrency industry, setting clear guidelines and punishing those who do not follow them.
