ByBit Crypto Exchange Hit With Rs. 9 Crore Fine Over PMLA Violations 

ByBit Crypto Exchange Hit With Rs. 9 Crore Fine Over PMLA Violations 



India’s Financial Intelligence Unit (FIU-in) has a reason to believe that bybit Crypto Exchange was in violation of the prevention of the Money Laundering Act. In a new development, FIU received Rs. Have imposed a fine of 9.27 crore on bible to continue to operate in India without its operation in compliance with India’s legal guidelines. The Government of India is trying to maintain a strict monitoring on the Crypto ecosystem of the country. It aims to curb the exploitation of virtual assets for illegal activities like money laundering and terror financeing.

Headquarters, Bybit in Dubai, was established in 2018 by Ben Jhou. Crypto company Claim To complete over 40 million users globally.

FIU was investigating the operation of bibit in India for some time. In recent months, the exchange officials were directed to present the Oral Explanation along with the written documents, giving details of its operation in the country.

After taking a thorough examination of the submission, FIU-ID Director Vivek Aggarwal found responsible for allegations for various violations. An official Press releaseThe FIU found that the exchange had not given its mandatory approval to legalize its business status in India.

Release said, “Constant and continuous non-non-compliance has given FIU-Industries to FIU-Industries under the Information Technology Act, 2000 through Electronics and Communication Technology (Meity) to prevent operations under the Information Technology Act, 2000. The reason for blocking the websites, “said release.

Last year, the exchange integrated India’s utteral CBDC with its Peer-to-Pier (P2P) transaction service due to several requests from Indian traders. As the FIU investigation on its business in India intensified, bybit earlier in January that she was suspending her services in India.

On January 10, the exchange posted statement He said, “Due to recent developments from Indian regulators and continuity of restrictions already implemented, we are sorry to inform you that, effective from January 12, 2025, Indian users temporarily open new trades or The bibet will be unable to reach any product on the platform. , The only exception will be withdrawal, which will be available for your convenience. ,

Apart from its problems in India, the exchange has found itself facing legal action in Malaysia. In December last year, the Securities Commission Malaysia (SC) directed to stop its services not to be in line with local regulatory requirements.

The exchanges founder, Zhou, has not yet commented on any developments. Bybit has been shared to align its operations with the rules of different countries to share any details of the steps taken in the firm.