India’s Financial Intelligence Unit (FIU) has imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on Bybit for violating the Prevention of Money Laundering Act.
The government announcement of the fine was released on 31 January 2025. However, the news reported on Bybit’s fine and compliance violations by multiple popular agencies were taken down since. Today, 6 february 2025, saw multiple media agencies finally acknowledging the fine.
“Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU India,” the government notice said.
Explore: Bybit Launchpad Review 2025 – What is Bybit Launchpad?
Bybit Website Was Blocked In India
The Indian government agency said that it conducted a thorough examination of both written and oral submissions from the company.
Only after the inspection, authorities found Bybit liable of the charges for various violations.
“The persistent and continuous non-compliance caused FIU to block their websites to stop operations under the Information Technology Act 2000 through the Ministry of Electronics and Communication Technology (MEITY),” the government announcement said.
Bybit experienced a temporary halt of trading activities in India. However, the company has since reported completing all its licensing work in India. It also paid its penalty amount in full.
The steps led to the successful unblocking of its website in India – it is now up and running.
JUST IN:
Bybit registers with FIU India after paying ₹9.27 Cr penalty pic.twitter.com/kOwl6LgEH7
— Crypto India (@CryptooIndia) February 5, 2025
Similar Licensing And Registration Issues In Malaysia
In December 2024, Malaysia’s Securities Commission Malaysia (SC) took action against Bybit and its CEO, Ben Zhou, citing the exchange’s failure to register as a Recognized Market Operator (RMO).
The SC ordered the company to disable its website and mobile applications by 25 December 2024.
Furthermore, the company was asked to cease all promotional activities targeting Malaysian investors and shut down its local Telegram support group immediately.
However, Bybit’s regulatory troubles in Malaysia are not an isolated incident. The exchange faced increasing scrutiny in other jurisdictions as well.
France: Bybit announced it would cease withdrawal and custody services for French users starting 8 January 2025. This decision followed intensified oversight from French regulators under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.
European Economic Area (EEA): Bybit temporarily adjusted its operations in the EEA to align with evolving regulations. The company is actively pursuing a MiCAR license in Austria to resume full operations.
Japan: Japan’s Financial Services Agency has accused the company of non-compliance with local laws, further complicating its efforts to expand in Asia.
Explore: Why Was Bybit Ordered To Cease Operations In Malaysia?
The post India Cracks Down On Bybit: $1 Million Fine Imposed, Website Unblocked After Penalty Payment appeared first on 99Bitcoins.
