Crypto exchange bybit pays more than Rs 9 Crore Penalty in India

Bybit, one of the big crypto exchanges, has said that it has paid a fine of more than nine crore rupees in India. The Financial Intelligence Unit (FIU) imposed the fine on bybit for not following the rules. Along with this, this Crypto Exchange has also registered with FIU.

It is mandatory for all Crypto firms doing business in the country to register with FIU. Recently, bybit had informed its customers in the country that it is stopping his services temporarily. After this, FIU had said that this exchange did not follow the Prevention of Money Laundering Act (PMLA) and would have to pay a fine of about Rs 9.27 crore. Bybit has reported that it has completed regulatory shortcomings along with paying the fine. The Crypto Exchange said in a statement, “There is a lot of possibility in India’s market. We are working to meet all the requirements as well as the application of registration as a virtual digital asset service provider (VDASP).”

The services of this Crypto Exchange of Dubai may soon be restored. Bybit has stated that it will provide services of spots, derivatives and options trading to users in the country. This crypto exchange started in 2018. Bybit claims that it has more than four crore users in many countries.

Last year, Bybit informed the Central Bank Digital Currency (CBDC) Erupee to integrate its Peer-to-Pier (P2P) transaction service. This Crypto Exchange had said that he had received requests from Indian merchants regarding support for e-Rupe. Its P2P transactions will provide the facility to accept payments in Rs. This will reduce the risk of targeting their bank accounts for cyber criminals. In P2P payments, the seller deposits the payment as a cryptocurrency in the wallet of the exchange. Its time sets a cell price of the seller asset. If the Bayer accepts that price then the exchange is dealled on the exchange. After this, Bayer sends direct payment to the seller’s bank account. In this way P2P transactions are completed.