Crypto Exchange Bybit Receives India Clearance After Settling $1M Fine

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.

“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.