After facing prior problems with compliance policies in India, Bybit has formally registered with India’s financial regulator. This was carried out on February 5th, according to Cointelegraph, and the exchange is currently pursuing a full operational license from India’s Financial Intelligence Unit (FIU).
The announcement comes almost a full month after Bybit’s services were suspended in the country after restrictions were imposed on the company. Bybit expects to obtain its operational license in the coming weeks.
Terms of Bybit’s Suspension of Service
On the 10th of January 2025, Bybit officially announced that it was suspending activities in India. Users could not open new trades or access any products on its platforms. However, user withdrawals wouldn’t be affected in the process.
Source: Press Information Bureau (PIB) India
Bybit cited regulatory issues and previously implemented restrictions from Indian regulatory bodies as the reason for the suspension of Service. India was just one of the several bodies accusing Bybit of unregulated crypto activities, with Malaysia and France ordering the suspension of activities.
Bybit Agreement With India’s Financial Intelligence Unit
In an announcement by Bybit, they reiterated that they had been working closely with the FIU-IND to address financial concerns. This also 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, Bybit’s country manager for India, Vikas Gupta, has remained largely positive. He has said they expect to reach a full operational license agreement in the coming weeks.
Despite facing backlash in several countries worldwide, Bybit has reiterated that it is committed to working with local regulatory bodies.
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