Catenaa, Saturday, March 01, 2025-Crypto exchange Bybit has resumed full trading services in India Tuesday after registering with the country’s Financial Intelligence Unit (FIU) and paying a regulatory fine.
The exchange, which had previously suspended operations over compliance concerns, announced Tuesday that it had restored access for existing users and was gradually onboarding new customers.
Bybit was fined 9.27 crore rupees ($1.06 million) in January for violating India’s Prevention of Money Laundering Act (PMLA) after authorities discovered the exchange was operating without proper registration. The government also blocked its website under the Information Technology Act.
Following the penalty payment and FIU registration, Bybit has reaffirmed its commitment to compliance as India’s crypto regulatory landscape evolves.
The return comes after a turbulent period for Bybit, which recently suffered a massive security breach. North Korean hacking group Lazarus stole over $1.4 billion in Ethereum-related tokens in one of the largest crypto heists to date. Despite a surge in withdrawals exceeding $5.3 billion, audits confirmed Bybit maintained adequate reserves.
Other exchanges, including Coinbase and Kraken, are also exploring a return to India, engaging with regulators to secure FIU registration. India remains a key market despite regulatory uncertainty, with the local crypto sector projected to grow from $2.5 billion in 2024 to over $15 billion by 2035.
