The encryption giant, exceeds $ 1,000,000, a penalty for organizers to resume operations in India
The entry of the Indian market is the second largest encryption exchange in the world by trading to the Indian market after securing compulsory registration with the organizers and paying a fine of one million dollars.
Last month, the Dubai -based stock exchange is based in Dubai Declare A temporary suspension in India, the country prevents users from opening trading or accessing products on their platform and only allowing cloud transactions.
The stock exchange failed to register with the FIU-IND intelligence unit as required by the country’s anti-money laundering regulations. As a result of the violations, the organizer banned the Bybit sites and imposed a cash penalty of RS. 9 Crores 27 cheeks, or 1,058,512 dollars.
Bybit has informed its users in January that it would resume its full service after the completion of the registration process with the FIU.
in statement It was published on Thursday, and Bybit says it is officially registered with the agency and paid the fine.
“Bybit has settled the monetary fine and tackled it hard and resolved previous organizational issues, indicating its dedication to transparency and the highest standards in the Indian market.”
Bybit says it works to comply with the necessary regulatory requirements, which includes a virtual digital asset service request (VDASP) provided on June 26, 2024.
“We believe that our participation and cooperation during the FIU-ID registration process clarifies our commitment to compliance.”
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