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Records bybit with Indian fiu after settling a cash fine

  • Bybit is recorded by an Indian financial smart unit (FIU) after a cash fine.
  • FIU Indian fined by BYBIT with more than a million dollars for violating the rules of the money laundering law.

Bybit Crypto Exchange was finally registered with the Indian financial organizer FIU after facing compliance issues. In reference to himself, CEO Ben Chu to publish On x Say this is good news for Indian users.

Although it is The highest secondary exchange of encryption In the world through trading, Bybit had to face a penalty of more than one million dollars from Indian organizers. Although the stock exchange has now been completed in its registration with Indian Fiu, it expects the full operations license in the next few weeks.

The organizational challenges of the house in India

Based on a press release From India’s Press Information Office, Bybit faced a fine of $ 1.06 million (9.27 Crour) from FIU. The reason behind a penalty is that the exchange platform did not match the rules of the money laundering law (PMLA) in the country. Moreover, the report stated that the stock exchange continued to expand its services in India without registration at FIU-IND.

The BYBIT sites were released by the Indian financial organization FIU-IND and its operations in the country were suspended in January 2025. The detailed AML and CFT instructions for exchanges that provide virtual digital asset trading were issued in 2023. Consequently, the violation of these rules caused a penalty of 9.27 crimes to exchange Encryption.

Pipe Declare It suspends its services in India on January 10, 2025. It also mentioned that it aims to work in full compliance with all the rules and regulations in force.

Although the stock exchange suspended its services in India from January 12, the Indian fiu imposed a penalty on January 31. The announcement of the Bybit clearly stated that Indian users “will not be” temporarily “unable to open new deals and reach their services except for withdrawals.

The stock market highlighted that this is due to the recent developments of the Indian organizers. But the press statement issued by the Indian website stated that the rules have been present since 2023. However, the fact that the Bybit has settled the punishment for criticism to work in the country with full compliance.

The news of the encryption was highlighted today:

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