Following completion of registration with the national regulatory authorities, Article: Bybit, a significant bitcoin exchange, has started trading in India once more. Made on February 25, the news signals Bybit’s comeback on the Indian market following a temporary suspension brought on by compliance issues.
Following fines of 9.27 crore rupees ($1.06 million) on January 31 for running without required registration, the exchange stopped providing services in India. Authorities charged Bybit with the ongoing expansion of its business in the Indian market without obtaining clearance from the Financial Intelligence Unit (FIU). The Information Technology Act prohibited its website.
Now that its registration is complete, Bybit has restored complete platform access for Indian customers. Operating over more than 1,100 marketplaces and serving over 60 million customers globally, the exchange has reassured dealers that it is now entirely compliant with Indian rules.
Following a Significant Hacker
Just days after Bybit experienced a major cyberattack on February 21, causing the theft of over $1.4 billion worth of cryptocurrencies, services in India are starting to resume. The attack, believed to have ties to a North Korea-linked hacking gang, ranks among the largest in the sector’s history.
After the hack, the exchange saw a dramatic drop in assets; withdrawals caused losses of around $5.3 billion. Independent audits, however, have shown that Bybit still keeps reserves more than its responsibilities call for. Emphasizing the company’s dedication to security and stability, CEO Ben Zhou reassured consumers that withdrawals have reverted to normal levels.
Bybit’s comeback on the Indian market shows its attempts to improve compliance while still serving its worldwide clientele. The focus remains on enhancing security protocols to prevent future attacks and ensure the safety of user assets.
