Bybit Resumes Operations in India After Registering with Financial Intelligence Unit
Cryptocurrency exchange Bybit has resumed operations in India after previously halting services due to regulatory issues. Key points include:
- Bybit is now registered with India's Financial Intelligence Unit (FIU) as a compliant exchange.
- All trading activities have resumed, including trading of cryptocurrencies like Bitcoin, Ethereum, and Ripple.
- The derivatives market on Bybit is also open for trading.
- In January, Bybit temporarily suspended trading until completing necessary licensing paperwork, allowing only fund withdrawals during that time.
- Bybit paid a penalty of ₹9.27 Crores (approximately $1.06 million) for prior non-compliance with local regulations.
- The exchange is applying for a Virtual Digital Asset Service Provider (VDASP) license, submitted on June 26, 2024.
India's government requires offshore crypto exchanges to register with local authorities and comply with the Prevention of Money Laundering Act (PMLA), enforcing strict KYC measures. Several other exchanges faced crackdowns for operating without authorization, leading to bans, which were lifted after compliance measures were taken.