On February 6, cryptocurrency exchange Bybit successfully completed registration with the Financial Intelligence Unit of India (FIU-IND), further demonstrating its commitment to operating in compliance in India. As part of this process, Bybit has properly paid fines and actively addressed and dealt with previous regulatory issues, further demonstrating its commitment to transparency and maintaining the highest standards in the Indian market.
Bybit takes its compliance obligations in the Indian market seriously and is committed to following the local regulatory framework; it has been working closely with the Indian Financial Intelligence Unit (FIU-IND) to understand the requirements and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and its related regulations. Bybit is well aware of the importance of sound Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures and is committed to maintaining the highest standards in these areas.
We believe that our communication and cooperation during the FIU-IND registration process demonstrates our commitment to compliance. We have been proactively meeting all necessary compliance requirements, including submitting our application for registration as an Indian Virtual Digital Asset Service Provider (VDASP) on June 26, 2024.
Bybit is also actively engaging with the Indian cryptocurrency community to educate users and create awareness. Bybit is currently a Silver Level Association Member of the Bharat Web3 Association (“BWA”). Through this partnership, Bybit will promote Web3 adoption and drive innovation in the Indian crypto ecosystem.
Bybits non-profit organization Blockchain for Good Alliance (BGA) is working with blockchain societies at top Indian universities, such as the Indian Institute of Technology in Delhi and Kharagpur, to promote local cryptocurrency education. In addition, Bybit will work with top Indian universities to hold a series of hackathons, workshops and other events in the coming months to promote crypto and blockchain education and awareness in the Indian market.
The Indian market has huge potential. Bybit will be committed to providing the best services and products to all Indian users, including spot, derivatives, options, Bybit Earn and other diversified services.
About Bybit
Crypto trading platform Bybit serves more than 60 million users worldwide. Since its establishment in 2018, Bybit has been committed to creating a simpler, open, and equal ecosystem, redefining the openness of the decentralized world; at the same time, it has been deeply involved in the Web3 field, establishing strategic alliances with top blockchain protocols, providing solid infrastructure, and promoting innovation on the chain. With secure and reliable asset custody, diversified trading markets, intuitive user experience, and cutting-edge blockchain tools, Bybit has built a bridge between traditional finance and decentralized finance, helping developers, creators, and enthusiasts to fully tap the unlimited potential of Web3.
