Bybit has secured registration with Indian authorities, marking a major comeback in the country. The cryptocurrency exchange restored all services to Indian users after regulatory approval on Feb. 25.
Following a 9.27 crore rupee fine of $1.06 million imposed by the Financial Intelligence Unit of India on Jan. 31 for non-compliance with the anti-money laundering regulations, the exchange temporarily ceased services in the country based on the issue of non-compliance. The exchange has started trading and has granted users the use of all the features of the site with the latest approval.
Bybit also confirmed that phased onboarding of users would be commencing. The firm also appreciated the patience of the users of the exchange in India during the suspension period. This comes after a period of tighter scrutiny of the activities of the cryptocurrency exchange in the country.
The government has tightened its regulations, requiring firms to comply with stringent financial laws. Bybit’s registration signifies a commitment to operating within India’s legal framework.
Bybit expands cybersecurity efforts
Meanwhile, Bybit is taking an aggressive stance against cybercriminals. Less than a week after losing over $1.4 billion in assets to hackers, the exchange launched a campaign targeting the perpetrators. CEO Ben Zhou announced a new initiative to track and combat illicit activities linked to the notorious Lazarus Group.
The platform introduced an industry-first bounty program incentivizing individuals to trace stolen funds. Participants can submit leads and successful reports, resulting in asset freezes, and will receive bounty rewards. Exchanges, mixers, and financial platforms involved in processing illicit transactions will also be held accountable.
Bybit is collaborating with blockchain security firms and regulators to enhance transparency. The new system provides real-time updates on wallet addresses and tracks bad actors in the industry. Zhou emphasized that exchanges facilitating illegal transactions risk being publicly listed as bad actors.
Future upgrades will enhance surveillance capabilities that will enable bounty hunters to track wallet activities and earn rewards. Through this initiative, Bybit will help build a crowdsource solution against cyber threats that will keep users and the entire crypto space safer.
