ByBit on Thursday announced that it has settled a monetary penalty imposed on the crypto firm, by India’s Financial Intelligence Unit (FIU-IND). The Dubai-based crypto exchange has also registered with the FIU-IND and revealed that it will ramp up initiatives to spread crypto awareness in India and work with educational institutions to let students experiment with blockchain technologies. Bitget, Liminal Custody, and Binance are among other crypto firms that have also registered with the FIU-IND after it was made mandatory for all firms offering crypto services in the country in December 2023. ByBit Resolves Prior Regulatory Lapses Last month, The crypto exchange informed its customers in India that it was temporarily halting its services in the country. Soon after, the FIU-IND announced that Bybit was not in compliance with the Prevention of Money Laundering Act (PMLA). ByBit was directed to pay a Rs. 9.27 crore penalty by the regulator. In its announcement Bybit said it has settled the penalty and resolved prior regulatory lapses. “Bybit recognises the great potential of the Indian market. We have …