Key Insights
- Bybit has restarted services in India after securing registration with FIU-IND and settling a regulatory fine.
- The exchange reaffirms its commitment to AML/CFT regulations under India’s PMLA, marking a renewed push for regulatory alignment.
MUMBAI, (MarketsXplora) – Cryptocurrency exchange Bybit has resumed operations in India after successfully registering with the Financial Intelligence Unit-India (FIU-IND), reinforcing its commitment to regulatory compliance in one of the world’s fastest-growing digital asset markets.
The move marks a significant milestone for the exchange, which had temporarily suspended trading services in India earlier this year amid tightening regulatory oversight. Bybit, the world’s second-largest crypto exchange by trading volume, confirmed that it has settled the monetary fine imposed during the registration process and resolved all prior regulatory matters with Indian authorities.
“We believe that our engagement and cooperation throughout the FIU-IND registration process demonstrates our commitment to compliance,” the company said in a statement. “Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously.”
As part of its renewed operations, the exchange emphasized its adherence to the Prevention of Money Laundering Act (PMLA) and associated regulations. Bybit said it is committed to maintaining high standards in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) protocols, noting that these obligations are central to its operating principles in India.
Bybit filed its registration application on June 26, 2024, to become a Virtual Digital Asset Service Provider (VDASP) and has since worked closely with FIU-IND to ensure full compliance.
In parallel with its regulatory engagement, the exchange is expanding its involvement in India’s crypto ecosystem through community outreach and educational initiatives. Bybit is currently a Silver Associate Member of the Bharat Web3 Association (BWA), a key industry body working to promote Web3 adoption in India. Through this membership, Bybit aims to use its platform to foster innovation and raise awareness of blockchain technology.
The exchange’s not-for-profit initiative, Blockchain for Good Alliance (BGA), has also partnered with blockchain societies at top Indian universities, including the Blockchain Society of IIT Delhi and IIT Kharagpur. These partnerships will support a series of hackathons, workshops, and other educational events focused on crypto and blockchain literacy in the coming months.
“We recognize the great potential of the Indian market,” the exchange added. “Bybit is committed to offering the best services and products to all Indian users, including Spot, Derivatives, Options, Bybit Earn, and more.”