Crypto Exchange Bontbit completed the registration with the India Financial Intelligence Unit (FIU-Ind) after agreeing to pay a fine of 92.7 million rupees ($ 1 million) to operate in the country without authorization.
The company based in Dubai said in January that it would temporarily stop its services to Indian users while it was pursuing the regulatory process.
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“Within the framework of this process, Bybit settled the monetary fine and addressed and resolved previous regulatory issues,” the company said on Thursday. “We worked with diligence with the FIU-Ind to respond to their concerns and ensure full membership in the law on the prevention of money laundering (” PMLA “) and the associated regulations.”
In March 2023, India demanded that cryptographic societies should register with the CRF, which addresses the anti-money lamination issues.
