Crypto exchange Bybit has recently secured a regulatory approval to operate as a cryptocurrency exchange and custody service provider in Cyprus. The Dubai-based crypto platform made this announcement on Monday, noting that this is a milestone in its commitment to regulatory compliance in order to offer users secure trading solutions.
Ben Zhou, co-founder and CEO of Bybit, said: “At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom”.
Bybit’s regulatory milestone is especially important in light of the exchange’s recent exit from Canada and the UK. Licensing in Cyprus will allow Bybit to offer its services across the European Union (EU). This is especially relevant as the industry is approaching the introduction of the Markets in Crypto Assets (MiCA) regulation, which was approved by EU finance ministers in May and is expected to take effect in 2024.
Moreover, Bybit recently received official approval to operate as a digital asset trading facility and custody provider in Kazakhstan. This license was granted by the Astana Financial Service Authority (AFSA), which regulates the Astana International Financial Centre (AIFC). It is noteworthy that Binance also received such approval.
