Bybit : FIU-IND imposes monetary penalty of Rs. 9 crore 27 lakhs on Virtual Digital Asset Service Provider Bybit Fintech Ltd. 

Advocate karandeep Singh kairon / News Punjab 

New Delhi, 31 JAN 2025  – The Financial Intelligence Unit-India (FIU-IND) in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act, 2002 (as amended) (“PMLA”) has imposed a monetary penalty of Total ₹9,27,00,000 (Nine crore twenty-seven lakh rupees) on Bybit Fintech Limited (Bybit) a Virtual Digital Asset Service Provider (VDA SP) with reference to the violations of its obligations under the PMLA read with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (“PML Rules”) issued thereunder and applicable guidelines and advisories issued by the Director FIU-IND.

As a Virtual Digital Asset Service Provider (VDA SP), Bybit is classified as a ‘reporting entity’ under Section 2(1)(wa) of the Prevention of Money Laundering Act (PMLA).Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU-IND. The persistent and continuous non-compliance caused FIU-IND to block their websites to stop operations under the Information Technology Act, 2000 through the Ministry of Electronics and Communication Technology (MEITY).

It is noteworthy that FIU-IND had previously issued comprehensive Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Guidelines for Reporting Entities offering Services related to Virtual Digital Assets on March 10, 2023. Furthermore, a detailed circular regarding the registration of Virtual Digital Asset Service Providers as reporting entities was issued on October 17, 2023.

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https://newspunjab.net/?p=54554