India: Financial Intelligence Unit issued ruling against Bybit for non-compliance of registration requirements under anti money laundering and counter financing of terrorism regulations
Description
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…
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body