Dubai-headquartered crypto exchange Bybit has obtained a license from the regulatory

 

Dubai-headquartered crypto exchange Bybit has obtained a license from the regulatory authorities in Cyprus to operate as a regulated digital asset trading platform in the island country.  The approval will allow Bybit to offer its crypto services in the region, including trading and custody.  Bybit said the move is a significant milestone for its global expansion plans and demonstrates its commitment to compliance with local regulations. Bybit co-founder and CEO Ben Zhou stated that Cyprus is a burgeoning hub for crypto activities, with a growing community of crypto enthusiasts and a favorable regulatory environment. Zhou also added that they wholeheartedly support the idea of building a compliant, secure, and transparent crypto industry. The license followed the regulatory scrutiny Bybit faced in Japan and its exit from the Canadian and the U.K. market.  On the flip side, Binance, the largest crypto exchange by trading volume, recently applied to withdraw its registration in Cyprus as a crypto asset service provider to focus on its larger markets in Europe. The move is expected to help Bybit become a leading crypto exchange in the island country.