{"id":11687,"date":"2025-02-06T12:31:57","date_gmt":"2025-02-06T12:31:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=11687"},"modified":"2025-02-06T12:31:57","modified_gmt":"2025-02-06T12:31:57","slug":"india-cracks-down-on-bybit-1-million-fine-imposed-website-unblocked-after-penalty-payment","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=11687","title":{"rendered":"India Cracks Down On Bybit: $1 Million Fine Imposed, Website Unblocked After Penalty Payment"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">India\u2019s Financial Intelligence Unit (FIU) has imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on Bybit for violating the Prevention of Money Laundering Act.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=2098153\" target=\"_blank\" rel=\"nofollow\">The government announcement of the fine was released on 31 January 2025.<\/a> However, the news reported on Bybit\u2019s fine and compliance violations by multiple popular agencies were taken down since. Today, 6 february 2025, saw multiple media agencies finally acknowledging the fine.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBybit kept expanding its services in the Indian market without securing mandatory registration with the FIU India,\u201d the government notice said.\u00a0<\/span><\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/best-crypto-launchpads\/bybit-launchpad-review\/\" rel=\"bookmark\">Bybit Launchpad Review 2025 \u2013 What is Bybit Launchpad?<\/a><\/strong><\/p>\n<h2><strong>Bybit Website Was Blocked In India<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">The Indian government agency said that it conducted a thorough examination of both written and oral submissions from the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Only after the inspection, authorities found Bybit liable of the charges for various violations.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe persistent and continuous non-compliance caused FIU to block their websites to stop operations under the Information Technology Act 2000 through the Ministry of Electronics and Communication Technology (MEITY),\u201d the government announcement said.<\/span><\/p>\n<p>Bybit experienced a temporary halt of trading activities in India. However, the company has since reported completing all its licensing work in India. It also paid its penalty amount in full.<\/p>\n<p>The steps led to the successful unblocking of its website in India \u2013 it is now up and running.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f1ee-1f1f3.png\" alt=\"\ud83c\uddee\ud83c\uddf3\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\">Bybit registers with FIU India after paying \u20b99.27 Cr penalty <a href=\"https:\/\/t.co\/kOwl6LgEH7\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/kOwl6LgEH7<\/a><\/p>\n<p>\u2014 Crypto India (@CryptooIndia) <a href=\"https:\/\/twitter.com\/CryptooIndia\/status\/1887090033011663001?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 5, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u00a0<\/p>\n<h2>Similar Licensing And Registration Issues In Malaysia<\/h2>\n<p>In December 2024, Malaysia\u2019s Securities Commission Malaysia (SC) took action against Bybit and its CEO, Ben Zhou, citing the exchange\u2019s failure to register as a Recognized Market Operator (RMO).<\/p>\n<p>The SC ordered the company to disable its website and mobile applications by 25 December 2024.<\/p>\n<p>Furthermore, the company was asked to cease all promotional activities targeting Malaysian investors and shut down its local Telegram support group immediately.<\/p>\n<p>However, Bybit\u2019s regulatory troubles in Malaysia are not an isolated incident. The exchange faced increasing scrutiny in other jurisdictions as well.<\/p>\n<p><b>France<\/b>: Bybit announced it would cease withdrawal and custody services for French users starting 8 January 2025. This decision followed intensified oversight from French regulators under the EU\u2019s Markets in Crypto-Assets Regulation (MiCA) framework.<\/p>\n<p><b>European Economic Area (EEA):<\/b>\u00a0Bybit temporarily adjusted its operations in the EEA to align with evolving regulations. The company is actively pursuing a MiCAR license in Austria to resume full operations.<\/p>\n<p><b>Japan:<\/b>\u00a0Japan\u2019s Financial Services Agency has accused the company of non-compliance with local laws, further complicating its efforts to expand in Asia.<\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/why-was-bybit-ordered-to-cease-operations-in-malaysia\/\" rel=\"bookmark\">Why Was Bybit Ordered To Cease Operations In Malaysia?<\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/india-cracks-down-on-bybit-1-million-fine-imposed-website-unblocked-after-penalty-payment\/\">India Cracks Down On Bybit: $1 Million Fine Imposed, Website Unblocked After Penalty Payment<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Financial Intelligence Unit (FIU) has imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on Bybit for violating the Prevention of Money Laundering Act. The government announcement of the fine was released on 31 January 2025. However, the news reported on Bybit\u2019s fine and compliance violations by multiple popular agencies were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-11687","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11687"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/11687\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}