India, Jan. 31 -- The Financial Intelligence Unit-India (FIU-IND) has imposed a monetary penalty of INR 9.3 Cr on crypto platform Bybit due to the violations of Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

"Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU-IND. The persistent and continuous non-compliance caused FIU-IND to block their websites to stop operations," FIU said in a statement.

The agency said that after conducting a thorough examination of written and oral submissions from Bybit, the FIU found the crypto platform liable of the charges for various violations.

"In an order dated January 31st, 2025, and exercising authority under Section 13 of th...