Bybit Resumes Services In India After Compliance Registration

According to Cointelegraph, cryptocurrency exchange Bybit has successfully registered with Indian government authorities, allowing it to restore all services to users in the country. This development follows a fine imposed by India’s Financial Intelligence Unit (FIU) on January 31, amounting to 9.27 crore rupees ($1.06 million), for violations of the Prevention of Money Laundering Act (PMLA). Prior to this, Bybit had suspended its services in India, citing compliance issues with the government. The report on the violation indicated that Bybit had been expanding its services in the Indian market without obtaining the necessary registration with the FIU-IND. This persistent non-compliance led to the blocking of their websites under the Information Technology Act. Bybit is a significant player in the cryptocurrency market, active in 1,174 markets and serving over 60 million users globally, according to CoinMarketCap. In a related development, Bybit recently recovered from a major security breach. On February 21, 2025, the exchange was targeted by the North Korean-affiliated Lazarus Group, resulting in the theft of over $1.4 billion in Ether (ETH)-related tokens. This incident is noted as the largest recorded crypto theft in history. Analysts have pointed out that the hack highlights security vulnerabilities in centralized exchanges, while crypto security experts emphasize the use of increasingly sophisticated exploits in the industry. Following the hack, Bybit experienced a significant drop in assets, with losses exceeding $5.3 billion due to the hack and subsequent withdrawals. However, independent audits confirmed that the exchange maintained more reserves than liabilities. By February 22, Bybit CEO Ben Zhou reported that withdrawal activities had returned to normal levels. Zhou expressed gratitude to the crypto community for their support, stating, "Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history."