FIU Slaps INR 9.3 Cr Penalty On Crypto Platform Bybit

The Financial Intelligence Unit (FIU) imposed a penalty of INR 9.3 crore on the crypto platform Bybit for failing to comply with anti-money laundering (AML) regulations. The penalty is a result of the platform’s failure to adequately monitor and report suspicious transactions, violating regulatory guidelines. This action reflects the increasing scrutiny of cryptocurrency platforms and their compliance with financial regulations. The fine serves as a warning to other crypto entities to adhere strictly to AML laws to avoid penalties and ensure transparency in financial transactions.