Crypto Exchange Bybit completed the registration with the Indian Financial Intelligence Unit (FIU-Ind) after accepting to pay a fine of 92.7 million rupees ($ 1 million) for operating in the country without authorization.
The Dubai -based company said in January that it would temporarily stop its services to Indian users while carrying out the regulation process.
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“As part of this process, Bybit has resolved the monetary and diligent fine addressed and resolved previous regulatory issues,” the company said Thursday. “We have been working diligently with the FIU-IND to address their concerns and guarantee total adhesion to the money laundering prevention law (” PMLA “) and the associated regulations.”
In March 2023, India ordered that cryptographic companies have to register with the FIU, which addresses anti-launch money.
