Bybit, one of the world's leading cryptocurrency exchanges, has taken a pivotal step toward reinstating its services in India by registering with the country's Financial Intelligence Unit (FIU). This marks a significant turnaround after previous regulatory hurdles and underscores Bybit's commitment to compliance in India's evolving crypto landscape.
Key Regulatory Milestone Achieved
On February 5, Bybit confirmed its official registration with India's FIU, a mandatory requirement for financial service providers operating in the country. Vikas Gupta, Bybit’s India Country Manager, highlighted that the exchange anticipates securing its full operational license within weeks.
Addressing Past Compliance Challenges
- Bybit temporarily suspended its Indian services last month due to regulatory non-compliance.
- The exchange paid a $1.06 million fine for violations under India’s Prevention of Money Laundering Act (PMLA).
- Gupta reiterated Bybit’s focus on adhering to local laws and collaborating with Indian authorities.
👉 Discover how Bybit plans to innovate in India’s crypto market
Next Goal: VDASP License Application
Bybit is now pursuing a Virtual Digital Asset Service Provider (VDASP) license to fully operate in India. Key details:
- Application submitted: June 26, 2024
- Current status: Under review
This effort follows Bybit’s brief hiatus from the Indian market, signaling a strategic push to re-establish its presence.
India’s Tightening Crypto Regulations
The regulatory landscape for crypto exchanges in India has intensified, with Binance, KuCoin, and OKX also navigating stricter compliance measures. Recent developments:
- Binance and KuCoin resumed operations after PMLA compliance.
- Authorities are enforcing clearer guidelines and penalizing non-compliant platforms.
FAQ Section
Q1: When did Bybit register with India’s FIU?
A1: Bybit completed its FIU registration on February 5, 2024.
Q2: What penalty did Bybit pay for past violations?
A2: A $1.06 million fine under India’s PMLA.
Q3: Which license is Bybit currently seeking?
A3: The VDASP license, pending approval since June 2024.
Q4: How are other exchanges adapting to India’s regulations?
A4: Binance and KuCoin have complied with PMLA rules to resume services.
👉 Explore the future of crypto exchanges in regulated markets
Conclusion
Bybit’s progress reflects a broader trend of crypto exchanges aligning with India’s regulatory framework. As the market matures, exchanges must prioritize compliance to thrive. Stay tuned for updates on Bybit’s VDASP license approval and its implications for India’s crypto ecosystem.
### Keywords:
Bybit, FIU registration, VDASP license, India crypto regulations, PMLA compliance, cryptocurrency exchanges, Binance, KuCoin
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