The Financial Intelligence Unit-India (FIU-IND) has levied a monetary penalty of ₹9.27 crore on Bybit Fintech Limited, a prominent virtual digital asset service provider, for violations under the Prevention of Money Laundering Act (PMLA), 2002. Bybit expanded its services in India without obtaining the mandatory registration as a reporting entity, leading to this enforcement action.
In response to the regulatory scrutiny, Bybit announced a temporary suspension of its services in India, effective from January 12, 2025. The platform cited evolving regulatory changes as the primary reason for this decision, emphasizing its commitment to compliance and user safety.
This development underscores the increasing regulatory focus on virtual digital asset platforms operating within India. The FIU-IND's action serves as a reminder to all crypto exchanges about the critical importance of adhering to local laws and regulations to ensure the integrity and security of the financial ecosystem.
Image Source: Bybit Suspends Services in India ,devdiscourse.com, announcements.bybit.com
