Bybit Secures Regulatory Approval to Operate in Cyprus

Bybit crypto exchange has obtained regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus.

This milestone achievement highlights Bybit’s commitment to adhering to regulatory standards and providing users with secure trading solutions.

The Dubai-based crypto platform expressed its support for the regulatory objective of fostering a compliant, secure, and transparent cryptocurrency industry. Bybit’s co-founder and CEO, Ben Zhou, emphasized the company’s dedication to enabling financial freedom for all.

Bybit’s Regulatory Approval in Cyprus

Bybit’s regulatory approval in Cyprus is significant as it follows the platform’s exit from Canada and the UK amid increased scrutiny on crypto exchanges worldwide.

Securing the license in this European Union nation is crucial for Bybit’s strategy of expanding its presence in the bloc, especially as the industry anticipates the implementation of the Markets in Crypto Assets (MiCA) regulation.

The MiCA regulation was approved by EU Finance ministers in May and is set to come into effect in 2024. Bybit’s licensing in Cyprus positions the exchange to offer its services across the European Union once the regulatory framework is established.

Bybit’s Expansion in Kazakhstan

This achievement in Cyprus comes shortly after Bybit received official approval from the Astana Financial Service Authority (AFSA) to operate as a digital asset trading facility and custody provider in Kazakhstan.

Notably, Binance also recently obtained licensing from the AFSA, further highlighting the regulatory progress in the region.