Bybit secures FIU-IND registration, ensuring compliance with Indian regulations and expanding its crypto education initiatives in partnership with top universities.
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| Bybit registers with FIU-IND, reinforcing its commitment to regulatory compliance in India while promoting crypto education and Web3 adoption. Image: ChicHue |
Dubai, UAE — February 7, 2025:
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has successfully registered with the Financial Intelligence Unit-India (FIU-IND), reinforcing its commitment to regulatory compliance in the country.
As part of the registration process, Bybit has settled the necessary monetary fine and addressed previous regulatory concerns, demonstrating its dedication to transparency and adherence to India's financial regulations. The exchange has pledged full compliance with the Prevention of Money Laundering Act (PMLA) and associated regulations, emphasizing the importance of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures.
Bybit submitted its Virtual Digital Asset Service Provider (VDASP) registration application on June 26, 2024, as part of its efforts to operate within India's legal framework. The company views its engagement with FIU-IND as a testament to its long-term commitment to compliance and responsible crypto trading in India.
In addition to regulatory adherence, Bybit is actively contributing to the Indian crypto community by fostering education and awareness. The exchange is a Silver Associate Member of the Bharat Web3 Association (BWA), aiming to promote Web3 adoption and innovation. Its Blockchain for Good Alliance (BGA) initiative has partnered with blockchain societies at IIT Delhi and IIT Kharagpur to enhance crypto education.
Bybit plans to conduct a series of hackathons, workshops, and other educational events in collaboration with leading universities to drive blockchain literacy across India.
Recognizing India's vast potential in the digital asset sector, Bybit aims to provide Indian users with a wide range of services, including Spot trading, Derivatives, Options, and Bybit Earn. The exchange remains committed to ensuring a secure, transparent, and innovative crypto trading experience in India.