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UAE-headquartered Bybit secures 2 licences

UAE-headquartered Bybit secures 2 licences
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UAE – Mubasher: Bybit, headquartered in Dubai, has obtained a licence to operate a crypto exchange in addition to offering custody services in Cyprus.

The acquired licence from the regulatory authorities in Cyprus will enable the platform to offer different services like trading between crypto pairs and fiat currency pairs as well as financial services for crypto assets and custody solutions that are customised to clients in both Cyprus and the European Union (EU) member states.

Co-Founder and CEO of Bybit, Ben Zhou, commented by saying: "At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom.”

Zhou added: "This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus."

Bybit is successfully obtaining the certification for its security management system and running real-time, on-chain, proof-of-reserves data with a purpose-built Merkle tree.

Bybit FinTech FZE

Furthermore, Bybit FinTech FZE, a subsidiary of the crypto exchange was granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA).

The Preparatory License follows the Provisional License Bybit FinTech FZE received in March 2022. However, the new licence does not allow Bybit to commence virtual asset operations in Dubai at the current time, yet exhibits the progress made to obtain operational permission from VARA.

Zhou commented on the licence granted to Bybit FinTech FZE by saying: “This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world's development of financial innovation and digital assets.”

The CEO added: "We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team."

It is worth noting that the global crypto exchange Bybit announced the grand opening of its headquarters (HQ) in Dubai earlier this year.