Cryptocurrency exchange ByBit is set to resume its services in India after confirming its registration with the local Financial Intelligence Unit, marking a significant step in relaunching operations in the Indian market.
ByBit's Registration in India
ByBit has officially registered with India's Financial Intelligence Unit, allowing it to resume activities within the country in compliance with anti-money laundering regulations.
Penalty and Requirements
Based in Dubai, ByBit was fined INR 9.27 crore for conducting operations in India without registration. Addressing these legal issues and financial penalties was a prerequisite for re-entering the Indian market.
Future of ByBit in India
Apart from continuing operations, ByBit is promoting Web3 through local initiatives and partnerships with universities to align its services with local norms while advancing blockchain educational projects.
Through successful registration and fulfillment of necessary requirements, ByBit can once again offer its services to users in India, contributing to the growth of the cryptocurrency market in the region.
