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FIU Clears Bybit for Crypto Operations Resumption in India, Bolstering Compliance and Security

Bybit has resumed full operations in India following approval from the Financial Intelligence Unit (FIU), after facing fines and regulatory challenges.

The company has addressed compliance issues that earlier led to a halt in its services, including an unauthorized operation under the Prevention of Money Laundering Act (PMLA).

Bybit paid a fine of approximately $1.06 million to the FIU and has since aligned its operations with Indian regulatory standards.

On February 25, all services were fully restored for existing users, including the ability to open new trades and access all trading products.

The onboarding of new users also began on the same date, marking a significant turnaround for the exchange which had previously faced a security breach.

In the recent security incident, ethereum was stolen from Bybit's wallets, but the company assured that users' funds were secure and fully backed.

Bybit's commitment to regulatory compliance and secure trading is reaffirmed as they continue to enhance user experience and rebuild trust.

The exchange expressed gratitude to its Indian customers for their patience during the disruptions and ensured them of continued secure and compliant trading experiences.

Bybit's reinstatement in India signifies its focus on both compliance with local laws and securing its operations against cyber threats.

This return to full functionality highlights Bybit's resilience and a renewed commitment to ensuring secure and regulated crypto trading in India.