Bybit is resuming operations in India after registering in accordance with local regulations and paying a $1 million fine. The exchange temporarily left in January, citing changing licensing requirements.

Indian political figures have recently advocated for liberalizing the nation’s crypto laws, and Bybit wants to contribute. It joined a local Web3 association and partnered with blockchain societies at several major universities.

Bybit Returns to India

Bybit, the second-largest crypto exchange in terms of daily trading volume, is resuming services in India. The firm temporarily suspended trading services in the country around a month ago, citing changing regulations.

Specifically, India’s Financial Intelligence Unit (FIU-IND) required that Bybit receive licensing to prove compliance and pay a $1 million fee. According to a new press release, this has now been achieved:

“Bybit is committed to operating within the regulatory framework of India 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 (“PMLA”) and associated regulations,” the press release claimed.

Bybit’s CEO also shared these developments on social media. This is a rather positive development for the crypto exchange, as India remains one of its key markets in Asia.

In addition, Bybit continues to face several regulatory hurdles worldwide. In November, Go to Source to See Full Article
Author: Landon Manning

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