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The fine was levied by the FIU-IND last week.
Feb 6, 2025, 4:42 p.m. UTC
Bybit CEO Ben Zhou (Danny Nelson/ CoinDesk)
What to know:
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.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
