Bybit’s Commitment to Regulatory Compliance in India

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has officially registered with FIU-IND, solidifying its dedication to adhering to India’s regulatory standards. This move comes after the platform settled its monetary fine and resolved previous regulatory concerns, demonstrating transparency and commitment to operating within India’s legal framework.

Strengthening Regulatory Compliance

Bybit has worked diligently with the Financial Intelligence Unit (FIU-IND) to ensure full compliance with the Prevention of Money Laundering Act (PMLA) and other related regulations. The exchange acknowledges the importance of upholding robust Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures. In doing so, Bybit affirms its commitment to maintaining the highest standards of regulatory integrity in India.

“We believe that our engagement and cooperation throughout the FIU-IND registration process demonstrates our commitment to compliance,” said Bybit in a statement. The registration application, submitted on June 26, 2024, marks Bybit’s official standing as a Virtual Digital Asset Service Provider (VDASP) in India.

Beyond regulatory adherence, Bybit is taking active steps to educate the Indian crypto community. The exchange is a Silver Associate Member of the Bharat Web3 Association (BWA), working to promote Web3 adoption and encourage innovation within the Indian market.

Moreover, Bybit’s Blockchain for Good Alliance (BGA) is partnering with top university blockchain societies like those at IIT Delhi and IIT Kharagpur. The initiative aims to drive awareness and understanding of crypto and blockchain technologies in India. Bybit plans to host hackathons, workshops, and other educational events in collaboration with these institutions in the coming months.

Bybit recognizes India’s vast potential as a key market and is committed to offering a variety of services to its users. These include Spot, Derivatives, Options, and Bybit Earn, aiming to provide users with comprehensive crypto offerings.

Bybit’s proactive approach in both regulatory compliance and community engagement reflects its long-term vision for the Indian market.