Bybit successfully registered with the Financial Intelligence Unit of India (FIU-IND), demonstrating its commitment to compliant operations. Bybit has actively addressed regulatory issues, paid fines, and emphasized its transparency and standards in the Indian market.
As part of the process, Bybit has paid fines and actively resolved and addressed 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 working closely with the Financial Intelligence Unit of India (FIU-IND) to understand the requirements and ensure full compliance with the Prevention of Money Laundering Act (PMLA) and its related regulations. Bybit recognizes the importance of robust anti-money laundering (AML) and countering the financing of terrorism (CFT) measures and is committed to maintaining 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 actively met all necessary compliance requirements, including submitting a registration application as a Virtual Digital Asset Service Provider (VDASP) in India by June 26, 2024.
Bybit is also actively involved in 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. Additionally, 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 holds great potential, and Bybit is committed to providing the best services and products for 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 equitable ecosystem, redefining openness in the decentralized world. We are deeply involved in the Web3 space, establishing strategic alliances with top blockchain protocols, providing robust infrastructure, and driving on-chain innovation. With secure and reliable 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 limitless potential of Web3.
Please visit Bybit.com to explore the future of decentralized finance.
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