What you need to know:

• Bybit has registered with India’s Financial Intelligence Unit after paying a $1 million fine.
• The FIU issued the fine last week due to the exchange’s regulatory non-compliance.

Bybit has finalized its registration with India’s Financial Intelligence Unit (FIU-IND) following an agreement to pay a fine of 92.7 million rupees (equivalent to $1 million) for unauthorized operations within the country. In January, the Dubai-based company announced a temporary halt to its services for Indian users while it engaged in regulatory processes.

“As part of this process, Bybit has settled the monetary fine and diligently addressed and resolved prior regulatory matters,” the firm stated.

In March 2023, India mandated crypto companies to register with the FIU to combat issues related to anti-money laundering.