The widespread adoption of cryptocurrencies worldwide has led to a rise in the number of cryptocurrency exchanges—platforms that enable users, traders, and investors to buy, sell, and securely store virtual currencies.
India to Ban URLs of Certain Crypto Exchanges
In recent developments in India, the government has taken action by blocking URLs of nine crypto exchanges. On December 28, 2023, the Financial Intelligence Unit (FIU) issued a notice to these exchanges for operating illegally and not complying with anti-money laundering laws. The exchanges include Binance, Huobi, Kraken, Gate.io, Kucoin, Bitstamp, MEXC Global, Bittrex, and Bitfenex.
According to the notice, VDA SPs (virtual digital asset service providers) must register with FIU IND under the Prevention of Money Laundering Act, 2002. Currently, 31 VDA SPs have completed this registration. The rule requires compliance from providers involved in virtual digital asset transfers, conversions, or safekeeping.
FIU India, as the national agency, processes information related to suspicious transactions and shares it with foreign financial intelligence units.
For Indian consumers, if using an international platform not registered with FIU, consider moving assets to decentralized wallet or a registered exchange. Amid potential risks, avoid panic selling and opt to transfer assets to personal wallet.
As many as 28 crypto exchanges or virtual digital asset service providers have registered with the Financial Intelligence Unit–India. These include CoinX, Unocoin, Bitbns, Zebpay, WazirX, Coinswitch, CoinswitchX and Rario. Bybit is a compliant option, witnessing a surge in crypto deposits.
Why should we use bybit?
Bybit is one of the biggest Singapore-based derivatives exchanges, which is accessible in many countries across the globe, including India. Based on many user reviews, it could definitely be said that Bybit is worth being on this “best crypto exchange in India” list.
In terms of regulations, Bybit is considered to be in the grey area when it comes to that (in many countries, not only India). What I mean by that is that it is not registered with India’s FIU (or most other regulatory bodies worldwide). However, it does comply with AML regulations and puts a lot of effort into securing the platform from involvement in any illegal acts.
For one, it requires its users to pass a strict KYC process. Besides that, it employs multi-factor authentication methods and keeps its client funds in a multi-sig cold storage. Speaking of cold storage, if you want to keep your funds extremely safe, make sure to get a hardware wallet. Ledger Nano X and Trezor Model T are some of the best ones in the industry.
Getting back to Bybit, talking about INR support, the exchange allows users to purchase crypto using INR through P2P trading, bank transfers, or UPI. However, you cannot deposit or withdraw INR into (or from) your Bybit account, and there are no trading pairs with this asset.
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