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Crypto Exchange Giant Bybit Shells Out $1,000,000 Penalty to Regulators To Resume Operations in India

The world’s second-largest crypto exchange by trading volume is re-entering the Indian market after securing mandatory registration with regulators and paying a $1 million fine. Last month, Dubai-based exchange Bybit announced a temporary suspension in India, preventing users in the country from opening trades or accessing products on its platform and only allowing withdrawal transactions. The exchange failed to register with India’s Financial Intelligence Unit (FIU-IND) as required by the country’s anti-money laundering regulations. As a result of the violations, the regulator blocked Bybit’s websites and imposed a monetary penalty of Rs. 9 crore 27 lakhs, or $1,058,512. Bybit informed its users in January that it would resume its full service after completing its registration process with the FIU. In a statement published on Thursday, Bybit says it has officially registered with the agency and paid the fine. “Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters, further demonstrating its dedication to transparency and the highest standards in the Indian market.” Bybit says it has been working to comply with necessary regulatory requirements, which include its Virtual Digital Asset Service Provider (VDASP) registration application filed on June 26th, 2024. “We believe that our engagement and cooperation throughout the FIU-IND registration process demonstrates our commitment to compliance.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Crypto Exchange Giant Bybit Shells Out $1,000,000 Penalty to Regulators To Resume Operations in India appeared first on The Daily Hodl . Bitcoin.com

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B3 Token Launch and Airdrop Set to Enhance Gaming Network on Ethereum’s Base

The upcoming launch of the B3 token marks a significant step in the development of the gaming network layered on Ethereum’s Base. The B3 token aims to revolutionize monetization in Bitcoin.com