India: Financial Intelligence Unit investigation into Bybit over alleged non-compliance of registration requirements under anti money laundering and counter financing of terrorism regulations
Progress
Current status
in force
31 Jan 2025 in force
Scope
Implementers
India
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national
Timeline of events
Financial Intelligence Unit issued ruling against Bybit for non-compliance of registration requirements under anti money laundering and counter financing of terrorism regulations
On 31 January 2025, the Financial Intelligence Unit-India (FIU-IND) issued a ruling against Bybit, a virtual digital asset service provider (VDA SP) with a penalty of INR 9.27 crore (approximately USD 1.11 million). Bybit failed to comply with busin…
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
other regulatory body