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Indian government fines Bybit $1.2 million for unregistered crypto services, blocking its websites.
The Indian government has fined Bybit Fintech Limited ₹9.27 crore (about $1.2 million) for failing to register with the Financial Intelligence Unit-India (FIU-IND) while expanding its cryptocurrency services in India.
This violation of the Prevention of Money Laundering Act (PMLA) led to the blocking of Bybit's websites.
The Indian government requires all virtual digital asset service providers to report suspicious transactions and register with the FIU-IND.
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El gobierno indio multa a Bybit $1.2 millones por servicios criptográficos no registrados, bloqueando sus sitios web.