Bybit Takes Major Step Forward by Registering with FIU-IND to Enhance Presence in India

Bybit's Commitment to the Indian Market

Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has achieved a significant milestone by successfully registering with the Financial Intelligence Unit of India (FIU-IND). This strategic move underscores Bybit's dedication to complying with India's regulatory standards and its aspiration to deepen its connection with the Indian cryptocurrency community.

Having addressed previous regulatory challenges, Bybit has actively collaborated with FIU-IND to ensure compliance with the Prevention of Money Laundering Act (PMLA) and related regulations. Bybit aims to promote robust Anti-Money Laundering (AML) measures and combat the financing of terrorism (CFT), emphasizing the importance of maintaining high standards for operating within India's regulated financial environment.

The registration process, initiated on June 26, 2024, involved extensive efforts to meet compliance requirements needed to operate as a Virtual Digital Asset Service Provider (VDASP) in India. Bybit successfully settled fines and diligently resolved prior issues, showcasing its commitment to transparency and best practices in the cryptocurrency sector.

Engaging with the Indian Crypto Community

In addition to regulatory compliance, Bybit has taken proactive measures to engage with the Indian crypto community. The exchange is currently a Silver Associate Member of the Bharat Web3 Association (BWA), pledging to use its platform to drive Web3 adoption and foster innovation within India's vibrant crypto ecosystem.

Through its nonprofit initiative, Blockchain for Good Alliance (BGA), Bybit is collaborating with top universities such as IIT Delhi and IIT Kharagpur to elevate crypto education in India. The alliance seeks to invigorate interest and knowledge in blockchain technology among students and the broader public.

In the upcoming months, Bybit plans to organize various events, including hackathons, workshops, and seminars at leading universities. These efforts aim to enhance understanding of blockchain technology and cryptocurrency, equipping participants with the knowledge to navigate the evolving sector.

The Potential of India's Crypto Market

Bybit recognizes the immense potential within the Indian market and is committed to providing top-notch services tailored for local users. From spot trading to derivatives, options, and Bybit Earn, the exchange is gearing up to offer a comprehensive range of financial products that can cater to diverse investment needs.

Founded in 2018, Bybit continuously redefines transparency and accessibility within the decentralized finance (DeFi) space. The platform prioritizes collaboration with leading blockchain protocols to develop secure, innovative infrastructures that empower users globally. Bybit not only aims to bridge the gap between traditional finance (TradFi) and DeFi but also strives to unlock the full potential of Web3 applications for developers, creators, and passionate enthusiasts alike.

In summary, Bybit's registration with FIU-IND marks a significant step towards solidifying its position in India’s regulatory landscape. The company's steadfast commitment to compliance, education, and community engagement lays the groundwork for a sustainable and innovative future in the Indian crypto market. As Bybit aims to spearhead advancements in the crypto space, it invites users and stakeholders to join in shaping the future of decentralized finance.

For further details, visit Bybit's official website.

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