On February 5, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced its successful registration with India’s Financial Intelligence Unit (FIU). This milestone follows past regulatory challenges and paves the way for the exchange to resume operations in the Indian market.
Regulatory Compliance and Penalty Settlement
As part of its registration, Bybit settled a regulatory fine, addressing previous non-compliance issues. The exchange reiterated its commitment to collaborating with FIU-IND to ensure strict adherence to:
- India’s Prevention of Money Laundering Act (PMLA)
- Anti-Money Laundering (AML) protocols
- Combating the Financing of Terrorism (CFT) measures
In an official statement, Bybit emphasized:
“We uphold the highest standards in AML/CFT measures and remain dedicated to regulatory transparency.”
VDASP License Application and Future Plans
Bybit submitted its Virtual Digital Asset Service Provider (VDASP) license application in June 2024. Vikas Gupta, Bybit’s India Country Manager, expressed confidence in securing full operational approval within weeks.
Community Engagement and Education Initiatives
Bybit is actively fostering Web3 adoption in India through:
- Partnerships: As a Silver Associate Member of the Bharat Web3 Association (BWA), Bybit supports innovation in India’s crypto ecosystem.
Education Programs:
- Collaboration with IIT Delhi and IIT Kharagpur blockchain societies.
- Hackathons, workshops, and events to promote blockchain literacy.
- Blockchain for Good Alliance (BGA): A not-for-profit initiative driving crypto awareness.
👉 Explore Bybit’s latest regulatory milestones
FAQ
Q: What does Bybit’s FIU registration mean for Indian users?
A: It signifies compliance with Indian financial regulations, enabling Bybit to operate legally and offer secure crypto services.
Q: When will Bybit launch fully in India?
A: Pending VDASP approval, full operations are expected within weeks.
Q: How is Bybit contributing to crypto education in India?
A: Through university partnerships, hackathons, and BWA collaborations to advance Web3 knowledge.
Bybit’s strategic focus on regulatory compliance, community engagement, and education positions it as a key player in India’s evolving crypto landscape.
👉 Learn more about Bybit’s global initiatives
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