Bybit has officially become a registered virtual asset service provider (VASP) and card operator in Argentina, the country's Financial Information Unit (UIF) has reported.
In line with Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing requirements, VASP registration was implemented in March for Argentina.
The FIU, which is responsible for processing and transmitting financial intelligence, now monitors Bybit's operations to prevent money laundering and terrorist financing.
Bybit entered the Argentine market in June 2022 with the option for users to withdraw from their Bybit accounts to pay in fiat currency.