Cryptocurrency exchange Bybit has registered with Indian government authorities and resumed all its services for users in the country, it announced on February 25.
This registration follows the 9.27 crore rupees ($1.06 million) fine imposed on Bybit by India's Financial Intelligence Unit (FIU) on Jan. 31 for violating the Prevention of Money Laundering Act (PMLA).
Prior to the fine, Bybit had temporarily discontinued its services in India, citing concerns about compliance with local government regulations.
The violation and penalty report stated Bybit had continued to expand its services in India without securing the required registration with the FIU, prompting the FIU to block its websites under the Information Technology Act.