FIU-IND imposes ₹9.27 crore penalty on crypto exchange Bybit
The Financial Intelligence Unit-India (FIU-IND) imposed a penalty of ₹9.27 crore on virtual digital asset service provider Bybit Fintech Limited under the PMLA by an order dated 31 January 2025.
Summary
The Financial Intelligence Unit-India (FIU-IND) imposed a monetary penalty of ₹9.27 crore on Bybit Fintech Limited, a Virtual Digital Asset Service Provider (VDA SP), by an order dated 31 January 2025 under Section 13 of the Prevention of Money Laundering Act, 2002. FIU-IND found that Bybit kept expanding services in India without the mandatory registration with FIU-IND, violating Section 12(1) of the PMLA and the PML Rules, 2005. The order was passed by FIU-IND Director Vivek Aggarwal; Bybit's websites had earlier been blocked through MeitY under the IT Act, 2000.
Key facts
- Order date
- 31 January 2025
- Penalty
- ₹9.27 crore
- Entity
- Bybit Fintech Limited (VDA SP)
- Law
- Section 13, PMLA 2002
- Violation
- Operating without FIU-IND registration; Section 12(1) PMLA
- FIU-IND Director
- Vivek Aggarwal
Practice MCQs 2 questions
On which virtual digital asset service provider did FIU-IND impose a ₹9.27 crore penalty in January 2025?
Show answer
Correct answer: A — Bybit Fintech Limited
PIB 2098153: FIU-IND imposed a penalty of ₹9,27,00,000 on Bybit Fintech Limited, a VDA service provider.
Under which law did FIU-IND impose the January 2025 penalty on Bybit?
Show answer
Correct answer: C — Prevention of Money Laundering Act, 2002
PIB 2098153: the penalty was imposed under Section 13 of the Prevention of Money Laundering Act, 2002 for violating Section 12(1) and the PML Rules.