Bybit stock fined $1.06M by India's FIU for PMLA breach By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 05 2025
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Source: Investing.com
Bybit Fined for Regulatory Violations: Bybit, a major crypto exchange, has been fined approximately $1.06 million by India's Financial Intelligence Unit for violating the Prevention of Money Laundering Act after expanding operations without necessary registration.
Operational Suspension and Future Plans: Following the fine, Bybit suspended its services in India but remains hopeful about obtaining a full operations license, having applied for a Virtual Digital Asset Service Provider license in June 2024.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
