Bybit Registers with FIU-IND, Committed to Regulatory Compliance in India
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully registered with the Financial Intelligence Unit-India (FIU-IND), reinforcing its commitment to regulatory compliance in India. As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters, further demonstrating its dedication to transparency and the highest standards in the Indian market.
Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously. The company has 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. Bybit recognizes the importance of robust Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) measures and is dedicated to upholding the highest standards in these areas.
Bybit has been actively working to fulfill all necessary requirements for compliance, including its registration application on June 26, 2024, as a Virtual Digital Asset Service Provider (“VDASP”) in India. The company is also proactively involved in the Indian crypto community to educate users and spread awareness. Bybit is currently a Silver Associate Member with the Bharat Web3 Association (“BWA”) and is partnering with blockchain societies of top universities to drive crypto education in India.
Bybit’s not-for-profit initiative Blockchain for Good Alliance (“BGA”) has partnered with blockchain societies of top universities to drive crypto education in India. The company will also be conducting a series of hackathons, workshops, and other events in partnership with top universities to foster crypto and blockchain education and awareness within the Indian market in the coming months.
Bybit recognizes the great potential of the Indian market and is committed to offering the best services and products to all Indian users, including Spot, Derivatives, Options, Bybit Earn, and more. The company is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone.
Bybit is committed to transparency and upholding the highest standards in the Indian market. The company’s registration with FIU-IND is a significant milestone in its journey to become a trusted and compliant player in the Indian crypto ecosystem.
