Bybit Faces $1M Fine in India

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India’s financial regulator, the Financial Intelligence Unit (FIU), has issued a penalty of 9.27 crore rupees ($1.06 million) against Bybit, the world’s second-largest crypto exchange, for failing to comply with the country’s laws.

This penalty was imposed due to Bybit’s violation of the Prevention of Money Laundering Act (PMLA), and the exchange is categorized as a “reporting entity” under this act.

Despite being aware of their obligation to register with the FIU-IND as a Virtual Digital Asset Service Provider, Bybit continued to operate in the Indian market without proper registration.

This led to the FIU-IND blocking their websites and halting their operations in the country.