Bybit Re-registers with Indian Authorities & Restores Services after Hack Case

Jakarta, Pintu News – Cryptocurrency trading platform Bybit has successfully registered with Indian government authorities and restored all services for users in the country, according to an announcement released on February 25, 2025.

This registration process follows the sanction imposed by India’s Financial Intelligence Unit (FIU) on January 31, 2025, which imposed a fine of 9.27 crore rupees (approximately $1.06 million) on Bybit for violating the Prevention of Money Laundering Act (PMLA).

Sanctions and Service Termination

Prior to the fine, Bybit had suspended its services in India a few weeks earlier due to compliance issues with Indian government regulations. Reports related to these violations state that Bybit continued to expand services in the Indian market without obtaining mandatory registration from FIU-IND.

This continued non-compliance led to FIU-IND blocking their website to cease operations in accordance with the Indian Information Technology Act. Despite the compliance issues, Bybit has now successfully resumed operations after registering with the authorities and addressing the concerns.

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The Biggest Cyberattack in Crypto History

Bybit’s return to operations in India comes after a major cyberattack that the company experienced. On February 21, 2025, four days before restoring its services, Bybit fell victim to a hack carried out by the North Korean-affiliated Lazarus group.

The attack led to the theft of over $1.4 billion in Ether tokens , making it the largest cryptocurrency theft recorded in history. The incident highlights the security flaws that still exist on centralized exchange platforms, as well as the increasingly creative use of exploits in the crypto world.

Recovery and Support from the Crypto Community

Despite suffering heavy losses, with Bybit’s assets dropping by more than $5.3 billion following the attack and a large number of withdrawals by users, an independent audit confirmed that Bybit still has reserves that are greater than its liabilities.

Bybit’s CEO, Ben Zhou, confirmed that withdrawals had resumed normally on February 22. In his announcement, Zhou thanked the crypto community for providing great support after the incident, mentioning that they received help from various parties within 24 hours of the event.

Looking Ahead: Facing Challenges and Strengthening Security

With the recovery steps taken and the official registration with the Indian authorities, Bybit seems to have overcome the major challenges they faced, both in terms of regulation and cyberattacks. The company is showing resilience by continuing operations and improving its security systems.

Going forward, Bybit will likely focus more on enhancing layers of protection to prevent similar incidents, while still adapting to regulatory changes that occur in various countries.

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Reference:

• Cointelegraph.“Bybit Registers with Indian Authorities, Restores Services.” Accessed February 26, 2025.
• Featured Image: FInance Feeds