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DUBAI<\/span>, UAE<\/span>, Feb. 6, 2025<\/span><\/span> \/PRNewswire\/ \u2014 Bybit<\/a>, the world\u2019s second-largest cryptocurrency exchange by trading volume, has successfully registered with FIU-IND, reinforcing its commitment to regulatory compliance in India<\/span>. As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters, further demonstrating its dedication to transparency and the highest standards in the Indian market.<\/p>\n

Bybit is committed to operating within the regulatory framework of India<\/span> and takes its compliance obligations seriously. We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (\u201cPMLA\u201d) and associated regulations. We recognize the importance of robust Anti-Money Laundering (\u201cAML\u201d) and Combating the Financing of Terrorism (\u201cCFT\u201d) measures and are dedicated to upholding the highest standards in these areas.<\/p>\n

We believe that our engagement and cooperation throughout the FIU-IND registration process demonstrates our commitment to compliance. We have been actively working to fulfill all necessary requirements for compliance, including its registration application on 26 June 2024<\/span> as a Virtual Digital Asset Service Provider (\u201cVDASP\u201d) in India<\/span>.<\/p>\n

Bybit is also proactively involved in the Indian crypto community to educate users and spread awareness. Bybit is currently a Silver Associate Member with the Bharat Web3 Association (\u201cBWA\u201d) . Through this partnership, we hope to use our platform to promote Web3 adoption and foster innovation in the Indian crypto ecosystem.<\/p>\n

Bybit\u2019s not-for-profit initiative Blockchain for Good Alliance (\u201cBGA\u201d) has partnered with blockchain societies of top universities like Blockchain Society of IIT Delhi and Blockchain Society of IIT Kharagpur to drive crypto education in India<\/span>. Bybit will also be conducting a series of hackathons, workshops, and other events in partnership with top universities to foster crypto and blockchain education and awareness within the Indian market in the coming months.<\/p>\n

Bybit recognizes the great potential of the Indian market, and is committed to offering the best services and products to all Indian users, including Spot, Derivatives, Options, Bybit Earn, and more.<\/p>\n