- India’s Financial Intelligence Unit has fined Bybit ₹9.27 crore for violating the Prevention of Money Laundering Act.
- The penalty follows Bybit’s failure to register with India’s Financial Intelligence Unit before expanding its operations in the country.
- On February 6, 2025, Bybit will list Berachain (BERA), expanding its DeFi offerings and gaining attention from developers and investors.
Bybit cryptocurrency exchange that falls among the largest ones globally has been fined for ₹9.27 crore ($1.06 million) by the Financial Intelligence Unit of India. The penalty was incurred under the alleged contravention of the provisions of the Prevention of Money Laundering Act (PMLA). This is following Bybit’s non-compliance with mandatory rules in India.
Bybit’s Compliance Issues
The penalties were declared by the Ministry of Finance of India as shared through a press release on 31 January 2025. Platform that operating under the VDASP category of business categories failed to obtain the registration from the FIU-IND before expanding its operations in India. As such, the FIU restricted platform’s websites and stopped its operations in India under the Information Technology Act of 2000.
This fine comes after company suspended services in India last month. The exchange explained political challenges and other issues related to recent regulatory developments in India and compliance issues to suspend operations last month. The suspension has affected many of its users in the country and this has impacted platform in one way or the other.
Currently, Bybit has resolved its compliance problems in India and is preparing to operate legally. The platform mentioned that on February 5, it officially becomes a member of the Indian Financial Intelligence Unit (FIU), which is a major step towards resolving previous legal issues. By ensuring Bybit follows India’s anti-money laundering provisions pursuant to the Prevention of Money Laundering Act (PMLA) 2005, the registration also means it can keep serving the country’s users.
Platform Expands DeFi Offerings
While, Bybit plans to list Berachain (BERA) on February 6, 2025 to enter the mainstream cryptocurrency market. Berachain is an amalgamate DeFi blockchain engineering a distinct Proof-of-liquidity protocol. The listing will enable the trade of BERA with its USDT pair making it easier for those involved in app development and investing.
Berachain’s blockchain is highly scaleable and sustainable which makes it suitable for an entire spectrum of dApps, NFTs, and Web3 services. With BERA’s listing, platform promises to grab the attention of the DeFi industry as it adds it to its portfolio.
Although Bybit has legal issues in India, the exchange is making its plans on going international successfully. This can be attributed to the fact that inclusion in the BERA listing will enable platform to gain a better outlook on the DeFi market. In this regard, the company continues to place itself in a strategic position that would allow it to stay relevant in the active and growing sector of the crypto market.
