Bybit, one of the largest encryption exchanges in the world, has taken a big step towards resuming full operations in India. The company successfully recorded the Financial Intelligence Unit (FIU), which led to the purification of a major organizational obstacle after previous compliance cases.
Bybit provides FIU’s registration
On February 5, Bybit announced that it was officially registered with FIU in India, a decisive condition for any financial entity working in the region.
Vikas Gupta, the Qatari director of BYBIT India, expressed its confidence in this process, saying that the stock market expects to secure a full operating license in the coming weeks.
This comes after the stock exchange faced an organizational problem, which led to a temporary stop for its services in India last month. As part of the registration process, Bybit must pay a fine of $ 1.06 million for previous violations under the 2005 PMLa Laundering Law.
With this settlement, the company has solved all the effective compliance issues effectively, which paves the way for a smoother organizational path forward. The exchange guaranteed its commitment to work closely with the Indian authorities, ensuring the full compliance with the financial laws of the country.
Follow up a VDASP license
Besides registration of FIU, Bybit aims to license virtual digital asset service (VDASP), which will be allowed to fully work in the encryption market in India. The stock exchange submitted its request to register VDASP on June 26, 2024, and is now awaiting approval.
This update comes shortly after the Bybit suspension of its services in India due to advanced organizational concerns. However, the latest progress indicates that the company is working actively for a full return.
India’s strong position on encryption
Bybit is not the only encryption exchange that faces procedures from Indian authorities. Binance, Kucoin and OKX also faced challenges, with strict rules about registration and compliance.
However, Binance and Kucoin agreed to follow the PMLA rules in India and resumed operations in the country after obtaining organizational approval.
These changes show that India takes a stronger position than organizing the encryption industry, setting clear guidelines, and punishing those who do not follow it.
