Cryptocurrency exchange Bybit has successfully registered with the Indian regulator after resolving compliance issues.
Registration with India's Financial Intelligence Unit
Bybit has successfully registered with India's Financial Intelligence Unit (FIU), according to a February 5 announcement shared with Cointelegraph.
Settlement of Fines and Legal Compliance
As part of its ongoing compliance efforts, Bybit has settled the monetary fine related to its prior regulatory issues. The company has been working with FIU-IND to address concerns and ensure full adherence to the Prevention of Money Laundering Act (PMLA) and associated regulations.
Future Plans in India
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. Bybit's country manager for India, Vikas Gupta, told Cointelegraph that they expect the full operations license 'in the coming weeks.'
Bybit's registration with the Indian regulator is a significant step towards restoring operations in the Indian market. The company continues to work on meeting all necessary requirements and is aiming for a full license in the near future.
