The post Bybit Registers with India’s FIU, Eyes Full License In A Week appeared first on Coinpedia Fintech News
Bybit, one of the world’s largest crypto exchanges, has taken a major step toward resuming full operations in India. The company has successfully registered with India’s Financial Intelligence Unit (FIU), clearing a significant regulatory hurdle after past compliance issues.
Bybit Secures FIU Registration
On February 5, Bybit announced that it had officially registered with India’s FIU, a critical requirement for any financial entity operating in the region.
Vikas Gupta, Bybit’s country manager for India, expressed confidence in the process, stating that the exchange expects to secure its full operational license in the coming weeks.
This comes after the exchange faced regulatory trouble, leading to a temporary halt of its services in India last month. As part of the registration process, Bybit has to pay a fine of $1.06 million for previous violations under the Prevention of Money Laundering Act (PMLA) of 2005.
With this settlement, the company has effectively resolved all outstanding compliance issues, paving the way for a smoother regulatory path ahead. The exchange even ensured its commitment to working closely with Indian authorities, guaranteeing full compliance with the country’s financial laws.
Pursuing a VDASP License
Beyond its FIU registration, Bybit is aiming for a Virtual Digital Asset Service Provider (VDASP) license, which would allow it to fully operate in India’s crypto market. The exchange submitted its application for VDASP registration on June 26, 2024, and is now awaiting approval.
This update comes shortly after Bybit suspended its services in India due to evolving regulatory concerns. However, the latest progress suggests the company is actively working toward a full comeback.
India’s Strong Stance on Crypto
Bybit isn’t the only crypto exchange that faced strict action from Indian authorities. Binance, KuCoin, and OKX have also encountered challenges, with tougher rules on registration and compliance.
However, both Binance and KuCoin have agreed to follow India’s PMLA rules and resumed operations in the country after securing regulatory approval.
These changes show that India is taking a stronger stance on regulating the crypto industry, setting clear guidelines, and penalizing those who don’t follow them.