FIU-IND imposed a fine of $1.06 million on the cryptocurrency exchange Bybit for violating the Prevention of Money Laundering Act (PMLA) 2005. The company continued to provide its services in India without the mandatory registration, which is a violation of local laws. Bybit also failed to comply with record-keeping and anti-money laundering and counter-terrorism financing (AML/CFT) requirements. On January 31, 2025, it was announced that its websites were blocked and operations were ceased by the Ministry of Electronics and Information Technology of India.
2/1/2025 12:37:25 PM (GMT+1)
FIU-IND imposed a fine of $1.06 million (₹9.27 crore) on the cryptocurrency exchange Bybit for violating PMLA 2005, ignoring the mandatory registration, and failing to comply with anti-money laundering and counter-terrorism financing requirements in India 🚫
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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