On February 6, the cryptocurrency exchange Bybit successfully registered with the Financial Intelligence Unit of India (FIU-IND), further demonstrating its commitment to compliant operations in India. As part of this process, Bybit has duly paid fines and actively resolved and addressed previous regulatory issues, showcasing its dedication to transparency and maintaining the highest standards in the Indian market.
Bybit takes its compliance obligations in the Indian market seriously and is committed to adhering to the local regulatory framework; it has been closely collaborating with the Financial Intelligence Unit of India (FIU-IND) to understand the relevant requirements and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and its related regulations. Bybit recognizes the importance of robust Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures and is committed to maintaining the highest standards in these areas.
“We believe that the communication and cooperation during the FIU-IND registration process demonstrate our commitment to compliance. We have been actively meeting all necessary compliance requirements, including submitting our registration application as a Virtual Digital Asset Service Provider (VDASP) in India by June 26, 2024.”
Bybit is also actively engaging with the Indian cryptocurrency community to educate users and raise awareness. Bybit is currently a silver-level association member of the Bharat Web3 Association (BWA). Through this collaboration, Bybit will promote the adoption of Web3 and drive innovation in the Indian crypto ecosystem.
The non-profit organization under Bybit, the "Blockchain for Good Alliance" (BGA), is collaborating with blockchain clubs at top universities in India, such as the Indian Institutes of Technology located in Delhi and Kharagpur, to promote local cryptocurrency education. Additionally, Bybit will host a series of hackathons, workshops, and other events in collaboration with top universities in India over the coming months to enhance cryptocurrency and blockchain education and awareness in the Indian market.
The Indian market has immense potential, and Bybit is committed to providing the best services and products to all Indian users, including a diverse range of offerings such as spot trading, derivatives, options, and Bybit Earn.
About Bybit
The cryptocurrency trading platform Bybit serves over 60 million users worldwide. Since its establishment in 2018, Bybit has been dedicated to creating a simpler, more open, and equitable ecosystem, redefining the openness of the decentralized world; at the same time, it has been deeply engaged in the Web3 space, forming strategic alliances with top blockchain protocols to provide solid infrastructure and drive on-chain innovation. With secure and reliable asset custody, a diverse trading market, an intuitive user experience, and cutting-edge blockchain tools, Bybit bridges traditional finance and decentralized finance, empowering developers, creators, and enthusiasts to fully explore the limitless potential of Web3.
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