{"id":148776,"date":"2025-02-06T12:00:09","date_gmt":"2025-02-06T10:00:09","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=148776"},"modified":"2025-02-05T18:54:02","modified_gmt":"2025-02-05T16:54:02","slug":"bybit-fined-over-1-million-for-regulatory-non-compliance","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/bybit-fined-over-1-million-for-regulatory-non-compliance\/","title":{"rendered":"Bybit Fined Over $1 Million for Regulatory Non-Compliance"},"content":{"rendered":"<p>The Financial Intelligence Unit (FIU) of India <strong><a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=2098153\" target=\"_blank\" rel=\"nofollow\">imposed<\/a><\/strong> a penalty of 9.27 crore rupees (approximately $1.06 million) after the exchange violated the Prevention of Money Laundering Act (PMLA).<\/p>\n<p>According to the Ministry of Finance\u2019s official statement, Bybit, as a Virtual Digital Asset Service Provider (VDA SP), was required to register with the FIU-IND but continued to expand its services without fulfilling this obligation.<\/p>\n<p>As a result of the persistent non-compliance, the FIU blocked Bybit\u2019s websites under the Information Technology Act, 2000, halting the exchange\u2019s operations in India.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/coinbase-users-lose-millions-annually-here-is-how\/\" title=\"Coinbase Users Lose Millions Annually &#8211; Here is How\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/Coinbase-e1690325714312-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Coinbase Users Lose Millions Annually &#8211; Here is How<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>This fine comes after Bybit paused its services in the country, citing regulatory concerns. The exchange\u2019s India head, Vikas Gupta, expressed hope for securing an operational license soon.<\/p>\n<p>Bybit had applied for a Virtual Digital Asset Service Provider (VDASP) license in June 2024 and continues to work towards compliance. While there were initial reports suggesting that Bybit had registered with the FIU, the exchange later retracted those claims. Both Bybit and the FIU have been contacted for clarification regarding the fine and the exchange\u2019s compliance status.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bybit, the second-largest crypto exchange globally, has faced a fine from India&#8217;s financial watchdog over non-compliance with local regulations.<\/p>\n","protected":false},"author":3,"featured_media":83457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-148776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bybit Fined Over $1 Million for Regulatory Non-Compliance<\/title>\n<meta name=\"description\" content=\"Bybit, the 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