India’s financial regulator has fined Bybit $1 million for failing to register under the Prevention of Money Laundering Act, leaving its compliance status unclear.
Bybit, the world’s second-largest crypto exchange by trading volume, was given a 9.27 crore rupees fine ($1.06 million) by India’s Financial Intelligence Unit (FIU), according to a news release from the Indian Ministry of Finance.
The fine was imposed for violating the Prevention of Money Laundering Act (PMLA), according to official documents published on Jan. 31,
“As a Virtual Digital Asset Service Provider (VDA SP), Bybit is classified as a ‘reporting entity’ under Section 2(1)(WA) of the PMLA,”Bybit fined $1M by India’s financial regulator over compliance violationsI guess we now know the reason why Bybit halted their operation in India since last month but they might be back to operating very soon once the fines are settled and comply whatever the policies set by the FIU and the story almost looks similar to Binance which happened in the back end of 2024.
Our government enjoying all the money coming from crypto sources but not interested in making any crypto laws.
