After agreeing to pay a fine of 92.7 million Rupees (approximately $1 million USD), the cryptocurrency exchange Bybit announced on Thursday that it has completed registration with the Financial Intelligence Unit-India (FIU-IND).
"As part of this process, Bybit has paid the penalty and proactively addressed and resolved previous regulatory matters, further demonstrating its commitment to transparency and the highest standards in the Indian market," Bybit wrote in a statement. "We continue to work closely with FIU-IND to address their concerns and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and related regulations."
According to an announcement by FIU-IND released in late January, Bybit was fined for continuing to expand its business in the Indian market without authorization, violating the country's anti-money laundering regulations. The Dubai-based exchange said in January that it would suspend services for Indian users during the regulatory process.
