So, guess what? Bybit, the crypto exchange that’s been playing hide and seek with India’s financial regulators, has finally decided to play nice! 🎉 They’ve registered with India’s Financial Intelligence Unit (FIU) after a little “oopsie” moment with compliance. You know, just a casual brush with the law. No biggie!
According to a thrilling announcement on February 5 (mark your calendars, folks!), they’re officially in the good graces of the FIU. Talk about a glow-up! 💁♀️
But wait, there’s more! In a classic case of “we’re sorry, please don’t take our toys away,” Bybit has settled a monetary fine for their past misadventures. The announcement was dripping with sincerity, stating:
“We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (‘PMLA’) and associated regulations.”
And if that wasn’t enough, they’re also gunning for a Virtual Digital Asset Service Provider (VDASP) license in India. They submitted their application on June 26, 2024. Because who doesn’t love a good paperwork marathon? 🏃♂️💨
This registration comes hot on the heels of Bybit hitting the pause button on their services in India, citing “recent developments with Indian regulators.” Translation: they were sweating bullets! 😅
After the service suspension, Vikas Gupta, Bybit’s country manager for India, told CryptoMoon that they’re expecting the full operations license “in the coming weeks.” Fingers crossed, Vikas! 🤞
Stay tuned, folks! This is a developing story, and we’ll keep you updated as more juicy details come in!
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2025-02-05 12:54