The Indian Ministry of Finance announced last week that the Financial Intelligence Unit-India (FIU-IND) had imposed a financial penalty of ₹9.27 crore (approximately $1.06 million USD) on Bybit Fintech Ltd. (Bybit), a virtual digital asset service provider (VDA SP), for violating its obligations under the Prevention of Money Laundering Act, 2002 (PMLA). FIU-IND Director Vivek Aggarwal issued the order on Jan. 31, 2025, after an investigation found Bybit guilty of multiple violations.

The Ministry of Finance stated:

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 under the Information Technology Act, 2000 through the Ministry of Electronics and Communication Technology (MEITY),” the Ministry stated. Bybit, classified as a “reporting entity” under Section 2(1)(wa) of the PMLA, was required to comply with stringent regulatory measures. Despite this, the company continued operating in India without approval, leading to FIU-IND taking action.

The Ministry of Finance highlighted that FIU-IND had previously issued Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines for virtual digital asset service providers on March 10, 2023. Additionally, a circular on Oct. 17, 2023, mandated that all VDA service providers register as reporting entities. Due to Bybit’s non-compliance, FIU-IND coordinated with the Ministry of Electronics and Information Technology (MEITY) to block the company’s website, effectively halting its operations in India.

After reviewing Bybit’s written and oral submissions, Aggarwal determined that the company had violated several provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules). The ministry confirmed:

In an order dated January 31st, 2025, and exercising authority under Section 13 of the PMLA, it was unequivocally established that Bybit was in violation of Section 12(1) of the PMLA …Consequently, a total penalty of Rs. 9,27,00,000 was imposed on Bybit.

The Ministry of Finance reaffirmed its commitment to ensuring strict enforcement of anti-money laundering regulations in the virtual asset sector, emphasizing that all digital asset service providers must comply with Indian financial laws.

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