Bybit has formally registered with India’s financial regulator after prior problems with India’s compliance policies. This was carried out on February 5, according to Cointelegraph, and the exchange is pursuing a full operational license from India’s Financial Intelligence Unit (FIU).
The announcement comes almost a month after Bybit’s services were suspended in the country. However, the exchange expects to receive its operational license soon.
Terms of Bybit’s Suspension of Service
On January 10, 2025, Bybit officially announced that it was suspending activities in India. Users could not open new trades or access products, but withdrawals were unaffected.
Bybit cited regulatory issues and previously implemented restrictions from Indian regulatory bodies as the reason for suspending service.
India was just one of several bodies accusing Bybit of unregulated crypto activities. Malaysia and France also ordered the suspension of activities.
Bybit Agreement With India’s Financial Intelligence Unit
In an announcement, Bybit says that it had been working closely with the FIU-IND to address financial concerns. This includes full compliance with the Prevention of Money Laundering Act (PMLA).
After submitting its application last year, it expects to receive a Virtual Digital Asset Service Provider (VDASP) license.
Even though they had to suspend their activities for nearly a month, Vikas Gupta, Bybit’s country manager for India, has remained positive. He says they expect to reach a full operational license agreement in the coming weeks.
Despite facing backlash in several countries worldwide, Bybit has restated its commitment to working with local regulatory bodies.
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