India’s Financial Intelligence Unit (FIU) has imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on Bybit for violating the Prevention of Money Laundering Act.

The government announcement of the fine was released on 31 January 2025. However, multiple media outlets only reported on Bybit’s violations recently.

“Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU India,” the government notice stated.

Bybit Website Was Blocked In India

Two days after the announcement, the FIU blocked Bybit’s websites to halt operations under the Information Technology Act 2000 through the Ministry of Electronics and Communication Technology (MEITY).

Bybit faced a temporary halt of trading activities in India, but after completing all required licensure and paying the penalty, the site was unblocked.

JUST IN: 🇮🇳Bybit registers with FIU India after paying ₹9.27 Cr penalty pic.twitter.com/kOwl6LgEH7 — Crypto India (@CryptooIndia) February 5, 2025.

Similar Licensing And Registration Issues In Malaysia

In December 2024, Malaysia’s Securities Commission took action against Bybit and its CEO, Ben Zhou, for failing to register as a Recognized Market Operator (RMO), resulting in ordered shutdowns of its services there.

Additionally, Bybit has faced scrutiny in other regions including France, the European Economic Area, and Japan for similar compliance challenges.

Explore: Why Was Bybit Ordered To Cease Operations In Malaysia?

Bybit

Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.