- Bybit to list Berachain (BERA) paired with USDT on February 6, 2025, at 1:00 PM UTC.
- Berachain uses Proof-of-Liquidity for scalability, ideal for DeFi, Web3, NFTs, and gaming.
- Bybit was fined ₹9.27 crore by India’s FIU for violating PMLA with unregistered services.
Berachain (BERA) will be listed by the Bybit cryptocurrency exchange on February 6, 2025. The listing will be associated with USDT and will be completed at 1:00 PM on that date (UTC). This is a major development for Berachain, a high-throughput blockchain for decentralized finance (DeFi) solutions.
To make its blockchain distinctive, Berachain uses a Proof-of-Liquidity algorithm, which is different from other blockchain networks. This feature makes it highly scalable, sustainable, and efficient in decentralizing the system, making Berachain an ideal candidate for the DeFi. The system is intended for Web3 applications, NFT platforms, gaming, and financial services sectors, as decentralized services are in high demand.
The decision to list Berachain (BERA) at Bybit will undoubtedly draw much attention from developers and investors. The exchange will simplify getting the BERA token and trading for them by offering one through their platform. This positively impacts Berachain as it extends its client reach and gains the attention of more investors on the platform.
Bybit Faces Regulatory Challenges
However, the exchange was recently penalized ₹9.27 crore ($1.06 million) by India’s Financial Intelligence Unit (FIU). This fine was charged on account of alleged violation of the provisions of the Prevention of Money Laundering Act (PMLA). As stated in the documents, Bybit had been providing services to the residents of India without proper registration with the FIU-IND.
ByBit complied with the directives provided by Indian authorities and aims to start its operations shortly. On February 5, the exchange registered with the Indian Financial Intelligence Unit (FIU).
Through the registration, The exchange will now operate under the Prevention of Money Laundering Act (PMLA 2005) in the country.
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The Berachain (BERA) listing by Bybit on February 6, 2025, is historical for both the exchange and others in the decentralized finance industry. However, the company faced some challenges in regulatory compliance in India; it has now addressed those issues and should pose no problem in the future.
