Bybit has successfully registered with the Financial Intelligence Unit of India (FIU-IND), demonstrating its commitment to regulatory compliance. By addressing regulatory issues and paying fines, Bybit emphasizes its transparency and standards in the Indian market.
This article, written and provided by Bybit, does not represent the position of OpenAI.
Bybit, the world’s second-largest cryptocurrency exchange, has successfully completed registration with the Financial Intelligence Unit of India (FIU-IND), further proving its commitment to operating in compliance with Indian regulations. As part of this process, Bybit has properly paid fines and actively resolved and handled previous regulatory issues, further demonstrating its commitment to transparency and maintaining the highest standards in the Indian market.
Bybit takes its compliance obligations in the Indian market seriously and is dedicated to following the local regulatory framework. We have been closely cooperating with the FIU-IND to understand the requirements and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and its related regulations. Bybit is well aware of the importance of robust anti-money laundering (AML) and counter-financing of terrorism (CFT) measures and is committed to maintaining the highest standards in these areas.
We believe that the communication and collaboration during the FIU-IND registration process demonstrate our commitment to compliance. We have been actively meeting all necessary compliance requirements, including submitting the registration application as a Virtual Digital Assets Service Provider (VDASP) in India 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 collaboration, we hope 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 societies at top Indian universities, such as the Indian Institutes of Technology in Delhi and Kharagpur, to promote cryptocurrency education locally. In addition, Bybit will be partnering with top Indian universities in the coming months to host a series of hackathons, workshops, and other events to promote cryptocurrency and blockchain education and awareness in the Indian market.
The Indian market has tremendous potential, and Bybit is committed to providing the best services and products to all Indian users, including spot trading, derivatives, options, and Bybit Earn.
About Bybit
As the world’s second-largest cryptocurrency exchange by trading volume, Bybit serves over 60 million users worldwide. Since its establishment in 2018, Bybit has been committed to creating a simpler, more open, and equal ecosystem, redefining openness in the decentralized world. We are deeply involved in the Web3 space, establishing strategic alliances with top blockchain protocols to provide a solid infrastructure and drive on-chain innovation. With secure asset custody, diverse trading markets, intuitive user experience, and cutting-edge blockchain tools, Bybit has successfully bridged the gap between traditional finance and decentralized finance, empowering developers, creators, and enthusiasts to fully explore the unlimited potential of Web3.
Please visit Bybit.com to explore the future of decentralized finance.
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