Bybit has successfully completed registration with the Financial Intelligence Unit of India (FIU-IND), demonstrating a strong commitment to the Indian market.

Source: Bybit

The world's second-largest cryptocurrency exchange, Bybit, has successfully registered with India's Financial Intelligence Unit (FIU-IND), further demonstrating its commitment to operating in India in compliance. As part of this process, Bybit has duly paid fines and actively addressed and resolved previous regulatory issues, showcasing its dedication to transparency and maintaining the highest standards in the Indian market.

Bybit takes its compliance obligations in the Indian market seriously, striving to adhere to local regulatory frameworks. We have continuously collaborated closely with India's Financial Intelligence Unit (FIU-IND) to understand relevant requirements and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and its associated regulations. Bybit recognizes the importance of robust Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) measures and is committed to upholding the highest standards in these areas.

We believe that the communication and cooperation during the FIU-IND registration process demonstrate our commitment to compliance. We have consistently proactively met all necessary compliance requirements, including submitting our registration application as an Indian Virtual Digital Asset Service Provider ("VDASP") by June 26, 2024.

Bybit is also actively engaging with the Indian cryptocurrency community to educate users and raise awareness. Bybit is currently a Silver Member of the Bharat Web3 Association (BWA). Through this partnership, we aim to leverage our platform to promote Web3 adoption and drive innovation in the Indian crypto ecosystem.

Bybit's non-profit organization, the Blockchain for Good Alliance (BGA), is collaborating with blockchain communities at top Indian universities, such as the Indian Institutes of Technology in Delhi and Kharagpur, to advance local cryptocurrency education. Furthermore, Bybit will collaborate with leading Indian universities in the coming months to host a series of hackathons, workshops, and other activities to promote cryptocurrency and blockchain education and awareness in the Indian market.

The Indian market holds significant potential, and Bybit is committed to providing the best services and products to all Indian users, including spot, derivatives, options, Bybit Earn, and other diversified services.

About Bybit

As the world's second-largest cryptocurrency exchange by trading volume, Bybit serves over 60 million global users. Since its establishment in 2018, Bybit has been dedicated to creating a simpler, more open, and fairer ecosystem, redefining the openness of the decentralized world. We are deeply rooted in the Web3 space, establishing strategic alliances with top blockchain protocols, providing robust infrastructure, and driving on-chain innovation. With secure asset custody, diverse trading markets, an intuitive user experience, and cutting-edge blockchain tools, Bybit has successfully bridged the traditional finance and decentralized finance worlds, empowering developers, creators, and enthusiasts to fully unlock the limitless potential of Web3.

This article is contributed content and does not represent the views of BlockBeats