Crypto exchange Bybit has registered with the Financial Intelligence Unit-India (FIU-IND) after being fined 92.7 rupees (around $1.1 million) for violating anti-money laundering rules. Bybit had expanded its services in India without registering the new offerings with the FIU-IND. The exchange suspended services to Indian users except withdrawals and recently announced the payment of the fine and registration with the FIU-IND. The Indian government has imposed strict regulations and high taxes on the crypto industry, with exchanges owing back taxes. There is a rift within the government regarding the regulation of crypto, with some agencies recommending regulation and the central bank viewing it as a macroeconomic risk. India led the world in cryptocurrency adoption in 2023 and 2024.



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