Indian regulator fined crypto trading platform Bybit about $1.06 million, its website was blocked

PANews reported on February 6 that according to Bitcoin.com, crypto trading platform Bybit was fined approximately 927 crore rupees (about 1.06 million US dollars) by Indian regulators for violating the Anti-Money Laundering Act, and its website was blocked. Bybit did not complete mandatory registration when expanding the market in India, resulting in unclear compliance status. Official documents show that Bybit, as a virtual digital asset service provider (VDA SP), is recognized as a "reporting entity" under PMLA clause 2(1)(WA), but continues without obtaining a mandatory FIU-IND registration. Expand business in the Indian market. Therefore, FIU-IND directed the Ministry of Electronics and Information Technology (MEITY) to block its website in accordance with the Information Technology Act to prevent its operations.

Previously, Bybit suspended its Indian business due to regulatory pressure and submitted a VDA SP registration application on June 26, 2024. Bybit India manager Vikas Gupta said the full operational license is expected to be obtained in the coming weeks. Cointelegraph once reported that Bybit had successfully registered and paid a fine, but a Bybit spokesman later withdrew the information. At present, FIU has not yet clarified the Bybit's fine payment and registration status.