The world’s second largest crypto exchange through trade volume is to go into the Indian market again after obtaining mandatory registration with supervisors and paying a fine of $ 1 million.
Last month, the Exchange Bybit established in Dubai announced a temporary suspension in India, so that users in the country do not open transactions or have access to products on its platform and only enable withdrawal transactions.
The exchange could not register with the India’s Financial Intelligence Unit (FIU-IND) as required by the country’s anti-money laundering practices. As a result of the violations, the regulator blocked the websites of Bybit and imposed a monetary fine of RS. 9 Crore 27 Lakhs, or $ 1,058,512.
Bybit announced its users in January that it would resume its full service after completing his registration process with the FIU.
In a statement published on Thursday, Bybit says that it officially registered with the office and paid the fine.
“Bybit has resolved the monetary fine and diligently tackled and resolved earlier regulatory matters, which further demonstrates the dedication to transparency and the highest standards on the Indian market.”
Bybit says that it has worked to meet the necessary legal requirements, including the Virtual Digital Asset Service Provider (VDASP) registration application submitted on 26 June 2024.
“We believe that our involvement and cooperation during the FIU-Ind registration process demonstrates our dedication to compliance.”
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