Bybit Re-Enters India After Paying $1M Fine

Bybit, the world’s second-largest crypto exchange by trading volume, has re-entered the Indian market after securing mandatory regulatory approval and paying a $1 million fine for previous non-compliance.

The Dubai-based exchange had temporarily suspended services in India last month, restricting new trades and product access, while still allowing withdrawals.

The suspension followed Bybit’s failure to register with India’s Financial Intelligence Unit (FIU-IND), a mandatory requirement under the country’s anti-money laundering laws.

Bybit Pays $1M Fine, Completes Registration

Indian regulators responded by blocking Bybit’s website and imposing a monetary penalty of ₹9.27 crore ($1.06 million).

Bybit informed users in January 2024 that it would resume operations once it completed the registration process.

Now, the exchange has officially settled the fine and received the necessary regulatory approvals, confirming the news in a Thursday statement:

“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’s Compliance Push in India

Bybit has been actively working to meet regulatory requirements, including its Virtual Digital Asset Service Provider (VDASP) registration, filed on June 26, 2024.

With full services now reinstated, Bybit is set to compete in India’s fast-growing crypto market, joining other globally regulated exchanges that have adapted to India’s strict compliance framework.

What’s Next for Bybit in India?

Bybit’s return signals a growing effort by global crypto firms to comply with Indian regulations rather than face bans or restrictions.

With the crypto market evolving under tighter regulatory oversight, Bybit’s compliance-first approach may help it strengthen its position in India—one of the largest crypto markets by user adoption.