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Crypto Exchange Bybit Receives India Clearance After Settling $1M Fine
The fine was levied by the FIU-IND last week.
What to know:
- Bybit has registered with India's Financial Intelligence Unit after paying a $1 million fine.
- The FIU imposed the fine on the crypto exchange last week due to its lack of regulatory compliance.
Crypto exchange Bybit completed registration with India's Financial Intelligence Unit (FIU-IND) after agreeing to pay a 92.7 million-rupee ($1 million) fine for operating in the country without authorization.
The Dubai-based company said in January it would temporarily halt its services to Indian users while it pursued the regulation process.
STORY CONTINUES BELOW
"As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters," the company said on Thursday. "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."
In March 2023, India mandated that crypto companies would have to register with the FIU, which tackles anti-money laundering matters.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
