Cryptocurrency exchange Bybit is working hard to establish itself in India, even though the country’s rules around crypto are pretty strict. Based in Dubai, Bybit has registered with India’s Financial Intelligence Unit (FIU-IND) and paid a significant fine of about $1.06 million to resolve earlier compliance problems.
A while back, Bybit temporarily stopped its services in India to complete its registration as a Virtual Digital Asset Service Provider (VDASP), which is required under Indian law. The exchange is now expecting to get its full operating license in the next few weeks.
India has been tightening its rules for crypto exchanges, requiring them to register with the FIU and follow strict anti-money laundering (AML) and counter-terrorism financing (CFT) measures. This includes things like verifying users’ identities (KYC) and reporting detailed transaction data. Other big platforms, like Binance and KuCoin, have also run into similar regulatory hurdles in India.
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