Bybit Secures Regulatory Approval in UAE, Expanding Crypto Services
Bybit Gains Regulatory Approval in UAE
Bybit, the second-largest cryptocurrency exchange by trading volume, has achieved a significant milestone by receiving an In-Principle Approval (IPA) from the UAE's Securities & Commodities Authority (SCA). This approval allows Bybit to operate as a Virtual Asset Platform Operator in the UAE, with a full operational license expected soon. This step underscores Bybit's commitment to regulatory compliance and its mission to provide secure and stable crypto services in the region.
CEO's Vision for Compliance and Innovation
Ben Zhou, Bybit's Co-founder and CEO, emphasized the company's dedication to working with regulators to foster a compliant and innovative digital asset ecosystem. This collaboration aims to offer transparent and secure trading solutions to both retail and institutional investors in the UAE.
UAE's Emerging Role in Crypto
The UAE is rapidly becoming a global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks. Bybit's alignment with these regulations highlights its focus on bridging traditional finance with digital assets, adhering to strict AML and CFT protocols to ensure a trusted environment.
Global Regulatory Expansion
Beyond the UAE, Bybit is securing approvals in key jurisdictions such as India, Georgia, Kazakhstan, and Turkey. This global expansion reinforces Bybit's commitment to maintaining high security and compliance standards, enhancing its reach and reliability worldwide.
About Bybit
Bybit, serving over 60 million users, is renowned for its secure custody, diverse marketplaces, and user-friendly experience. Focused on Web3, Bybit partners with leading blockchain protocols to drive innovation, empowering users to unlock Web3's potential.
This strategic move positions Bybit as a leader in the crypto market, committed to compliance and innovation.
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