{"id":46697,"date":"2025-02-05T13:59:04","date_gmt":"2025-02-05T13:59:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bybit-registers-with-indias-financial-intelligence-unit-following-trading-suspension\/"},"modified":"2025-02-05T13:59:04","modified_gmt":"2025-02-05T13:59:04","slug":"bybit-registers-with-indias-financial-intelligence-unit-following-trading-suspension","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bybit-registers-with-indias-financial-intelligence-unit-following-trading-suspension\/","title":{"rendered":"ByBit registers with India\u2019s Financial Intelligence Unit following trading suspension"},"content":{"rendered":"

(Originally posted on : Invezz )<\/b>
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Cryptocurrency exchange ByBit has resolved compliance issues in India and is expected to resume its services soon.<\/p>\n

According to a February 5 announcement, the exchange has officially registered with India\u2019s Financial Intelligence Unit as a reporting entity. <\/p>\n

As such, the exchange has agreed to comply with the country\u2019s anti-money laundering under the Prevention of Money Laundering Act (PMLA) 2005.<\/p>\n

Indian crypto enthusiasts welcomed<\/a> the news, with some calling it a win for crypto adoption in the country. <\/p>\n

Meanwhile, ByBit CEO Ben Zhou described<\/a> the development as \u201cgood news\u201d for Indian traders.<\/p>\n

The registration comes roughly a month after the exchange announced it would temporarily halt services for Indian customers.<\/p>\n

At the time, the exchange said it was suspending services<\/a> due to regulatory requirements, restricting Indian users from opening new crypto or fiat trades, accessing trading products, or participating in campaigns. <\/p>\n

Existing derivatives positions were placed in \u201cclose-only\u201d mode, allowing users to exit but not modify or add to their positions.<\/p>\n

Additionally, the exchange removed peer-to-peer trading ads in INR, cancelled copy trading relationships, and deactivated all trading bots by January 13. Withdrawals, however, remained unaffected during the suspension.<\/p>\n

Meanwhile, the FIU has imposed<\/a> a $1.06 Million fine on the Dubai-headquartered platform through a January 31 order for operating without a license. <\/p>\n

The decision reportedly followed a thorough review of ByBit, with FIU Director Vivek Aggarwal concluding that the exchange had violated multiple PMLA regulations.<\/p>\n

As of publication time, there has been no official word from the crypto exchange on whether the fine has been settled.<\/p>\n

Last year, in July, the exchange also applied for a Virtual Digital Asset Service Provider license in India and is currently awaiting approval.<\/p>\n

Regulatory hiccups across the globe<\/h2>\n

ByBit has faced compliance challenges in other jurisdictions as well. <\/p>\n

It suspended its services in the United Kingdom in September 2023, right before the deadline for crypto firms to comply with the country\u2019s promotion and advertising laws.<\/p>\n

The same year, it moved out of the Canadian market amidst compliance challenges, while in France, it ceased operation the following year after it failed to secure proper licensing.<\/p>\n

Last year in December, it paused<\/a> services in Malaysia.<\/p>\n

Offshore exchanges under scrutiny in India<\/h2>\n

Prior to ByBit, Binance<\/a> and KuCoin were two major exchanges that had registered with the FIU after a ban was imposed<\/a> on nine foreign exchanges in December 2023. <\/p>\n

According to the regulator, these platforms had been violating anti-money laundering policies.<\/p>\n

Since March 2023, the Indian government has required all crypto exchanges, including offshore exchanges, to register under the Prevention of Money Laundering Act.<\/p>\n

Binance had to pay a fine of $2.25 million<\/a> before it was allowed to resume its services in August 2024, while KuCoin paid a little over $40,000 for past non-compliance.<\/p>\n

The FIU has also probed foreign exchanges to recoup unpaid taxes. <\/p>\n

According to earlier reports<\/a>, seven offshore exchanges, including Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp, owed the government INR 2900 crores (approximately $331.85 million) in goods and services tax.<\/p>\n

The post ByBit registers with India\u2019s Financial Intelligence Unit following trading suspension<\/a> appeared first on Invezz<\/a><\/p>\n

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(Originally posted on : Invezz ) Cryptocurrency exchange ByBit has resolved compliance issues in India and is expected to resume its services soon. According to a February 5 announcement, the exchange has officially registered with India\u2019s Financial Intelligence Unit as a reporting entity. As such, the exchange has agreed to comply with the country\u2019s anti-money […]<\/p>\n","protected":false},"author":3947362366,"featured_media":46698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[39],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/46697"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362366"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=46697"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/46697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/46698"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=46697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=46697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=46697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}