Cryptocurrency exchange Bybit announced on Thursday that it has completed registration with the Financial Intelligence Unit-India (FIU-IND) after agreeing to pay a fine of 92.7 million rupees (approximately 1 million US dollars).
According to an announcement issued by FIU-IND at the end of January, Bybit was fined for expanding its business in the Indian market without authorization, which violated the country’s anti-money laundering regulations. The Dubai-based exchange stated in January that it would temporarily suspend its services for Indian users while advancing regulatory procedures.
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