Bybit Reopens Services in India Following Compliance Registration

Cryptocurrency exchange Bybit has resumed operations in India after obtaining the necessary registration with Indian government authorities, following a previous suspension. This comes after an action by India’s Financial Intelligence Unit (FIU) on January 31st, 2024, which imposed a fine of INR 9.27 crore ($1.06 million), related to violations of the Prevention of Money Laundering Act (PMLA). Bybit suspended services in India previously due to compliance issues. The FIU-IND action blocked Bybit’s websites under the Information Technology Act, and this new registration allows them to resume their operations.