- Bybit has completed its registration with India’s FIU, moving closer to securing a full operational license for compliance in the country.
- Bybit previously suspended trading in India due to regulations but is now working towards resuming operations with full regulatory approval.
Bybit completed the registration process with India’s Financial Intelligence Unit (FIU). This action was taken following a rule imposing a temporary suspension of services in the nation, therefore impacting the exchange. Bybit is one step closer to earning a full operating license and formally returning to service the Indian crypto industry with this registration.
🚨JUST IN: BYBIT REGISTERS WITH INDIA’S FINANCIAL REGULATOR WITH FULL OPERATIONS LICENSE EXPECTED IN THE COMING WEEKS
— BSCN Headlines (@BSCNheadlines) February 5, 2025
Legal Roadblocks: Bybit’s Struggles in India and Malaysia
Bybit had to pay a fine of 9.27 crore rupees or almost $ 1.06 million, before India’s FIU approved it. Bybit was running without a license in line with India’s Prevention of Money Laundering Act (PMLA), so this fine was enforced. But now that proper registration is in place, Bybit expects to acquire a full license right away in a few weeks.
Bybit is, however, also running into legal difficulties in Malaysia. Late December saw the Securities Commission of Malaysia mandate they halt all activities and promotions connected to unregistered digital assets. Consequently, part of the enforcement action Bybit was directed to deactivate its website, mobile app, and digital platforms in Malaysia.
Back to India: What’s Changed?
As previously mentioned in our report, changes in government policy toward unregistered crypto platforms drove Bybit to halt operations in India. Users may still withdraw their money hassle-free, though, during the suspension term. After finishing its registration with the Indian FIU, Bybit now has the chance to start business fully in line with local rules.
Moreover, Bybit’s action mirrors a larger trend in the crypto market whereby more and more exchanges are beginning to respect local rules in order to evade more restrictions and penalties. Business continuity depends mostly on regulatory compliance among the legal ambiguity still hovering over many cryptocurrency markets.
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