India’s Financial Intelligence Unit (FIU) has imposed a fine of approximately $1 million on Bybit, the world’s second-largest crypto exchange, due to violations of the Prevention of Money Laundering Act (PMLA). The fine was levied as Bybit expanded its operations in India without securing mandatory registration with the FIU. This led to the blocking of their websites under the Information Technology Act. Bybit's non-compliance had previously forced the exchange to halt its services in India. Despite the current penalties, Bybit is pursuing a license to operate as a Virtual Digital Asset Service Provider in India and had completed its registration application in June 2024. Although earlier reports suggested that Bybit had settled the fine, a spokesperson later retracted this information, prompting further inquiries into the status of their compliance and operations in India.

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