All posts tagged: crypto india

ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration

ByBit Pays Rs. 9.27 Crore Penalty, Completes FIU-IND Registration

Published by Webster

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 …

CoinDCX Hatches a Million Dollar Plan to Reap Advantages of India’s Crackdown on Foreign Exchanges

Published by Webster

Indian crypto exchanges are reaping the benefits of the government opening compliance investigations on foreign crypto exchanges like Binance and Kraken. Over the last week, Indian crypto exchanges recorded a massive inflow of deposits, that has now opened a competition amongst Indian exchanges. CoinDCX, that claims to have seen a 2,000 percent hike in crypto desposits in the last few days, has hatched a plan to lure-in more investors to transfer their crypto investments from foreign exchanges onto its platform. In a legit million-dollar plan, CoinDCX has decided to offer one percent bonus to all investors who make deposits on the exchange between January 9 and January 18, 2024. In an announcement shared on Tuesday, the exchange said it has earmarked a fund pool of $1 million (roughly Rs. 7 crore) to reward investors looking to migrate their crypto from non-compliant offshore exchanges to those that are registered with India’s Financial Intelligence Unit (FIU). India is accelerating efforts to deploy legal requirements to regulate the crypto sector. After levying taxes on crypto incomes last year, …

India’s WazirX Sees 90 Percent Dip in Crypto Trading Volume Amid Regulatory Delays

Published by Webster

WazirX disclosed the trajectory of its business this year only to give an insight into the slump spell that the crypto market is under as India awaits to complete regulatory deployments to oversee the sector. The Indian crypto trading platform, in 2023, managed to generate around $1 billion (roughly Rs. 8,315 crore) in terms of trading volume. This is a sharp 90 percent decline from its previous year’s trading volume of $10 billion (roughly Rs. 83,151 crore) and 2021’s figure of $43 billion (roughly Rs. 3,57,534 crore). In terms of addressing the potential reasons why trading volumes may have sunk this year, WazirX decided to keep its lips sealed. Interestingly, its competitor CoinDCX crypto exchange fired 12 percent of its workforce earlier this year, clearly pinning the blame for pushing investors away on India’s tax regime. The exchange, did however, give other insights that it observed in-terms of trading patterns in India for the year of 2023. Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC) emerged as the most traded cryptocurrencies …