With this approval, the firm is moving closer to obtaining a full operational license in the UAE.
The company holds regulatory approvals in India, Georgia, Kazakhstan, and Turkey.
Source: Bybit
Cryptocurrency exchange Bybit has received In-Principle
Approval (IPA) from the Securities & Commodities Authority (SCA) of the
United Arab Emirates to set up as a Virtual Asset Platform Operator.
The approval, dated February 18, 2025, comes shortly after
the company reportedly lost over $1.4 billion in liquid-staked Ether and
MegaETH in a security breach.
Bybit Nears UAE License for Crypto Operations
Ben Zhou, Co-Founder and CEO of Bybit
"We are honored to have received the IPA from SCA. This
approval marks a crucial step in our journey to providing secure and
transparent crypto trading solutions," Ben Zhou, Co-founder and CEO of
Bybit, commented.
The IPA is a preliminary regulatory approval that allows
Bybit to move closer to obtaining a full operational license in the UAE. The
company said the license would enable it to offer digital asset services to
both retail and institutional clients in the region.
Bybit described the UAE as a key financial hub with
regulatory frameworks supporting cryptocurrency and blockchain adoption.
The
company stated that it follows global compliance standards, including
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols.
Gained Regulatory Approvals in Jurisdictions
Bybit has secured regulatory approvals in several regions,
including India, Georgia, Kazakhstan, and Turkey. The company said these
approvals align with its strategy to expand its services while meeting
regulatory requirements across jurisdictions.
"Bybit remains dedicated to working hand-in-hand with
regulators to foster a compliant and innovative digital asset ecosystem to both
retail and institutional investors in the UAE," Zhou added.
Replaced Stolen Ether After Breach
After the recent attack, Bybit
experienced an outflow of over $6.1 billion. The exchange’s CEO confirmed
that Bybit replaced the $1.4 billion worth of Ether stolen in the breach.
DeFiLlama reported a drop in customer assets from $16.9 billion to $10.8
billion.
Despite this, Bybit assured that it restored the missing
Ether and would release an audited proof-of-reserves report soon. To gather
leads on the attack, Bybit
launched a $140 million bounty program. The breach is suspected to involve
North Korea's Lazarus Group.
Cryptocurrency exchange Bybit has received In-Principle
Approval (IPA) from the Securities & Commodities Authority (SCA) of the
United Arab Emirates to set up as a Virtual Asset Platform Operator.
The approval, dated February 18, 2025, comes shortly after
the company reportedly lost over $1.4 billion in liquid-staked Ether and
MegaETH in a security breach.
Bybit Nears UAE License for Crypto Operations
Ben Zhou, Co-Founder and CEO of Bybit
"We are honored to have received the IPA from SCA. This
approval marks a crucial step in our journey to providing secure and
transparent crypto trading solutions," Ben Zhou, Co-founder and CEO of
Bybit, commented.
The IPA is a preliminary regulatory approval that allows
Bybit to move closer to obtaining a full operational license in the UAE. The
company said the license would enable it to offer digital asset services to
both retail and institutional clients in the region.
Bybit described the UAE as a key financial hub with
regulatory frameworks supporting cryptocurrency and blockchain adoption.
The
company stated that it follows global compliance standards, including
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols.
Gained Regulatory Approvals in Jurisdictions
Bybit has secured regulatory approvals in several regions,
including India, Georgia, Kazakhstan, and Turkey. The company said these
approvals align with its strategy to expand its services while meeting
regulatory requirements across jurisdictions.
"Bybit remains dedicated to working hand-in-hand with
regulators to foster a compliant and innovative digital asset ecosystem to both
retail and institutional investors in the UAE," Zhou added.
Replaced Stolen Ether After Breach
After the recent attack, Bybit
experienced an outflow of over $6.1 billion. The exchange’s CEO confirmed
that Bybit replaced the $1.4 billion worth of Ether stolen in the breach.
DeFiLlama reported a drop in customer assets from $16.9 billion to $10.8
billion.
Despite this, Bybit assured that it restored the missing
Ether and would release an audited proof-of-reserves report soon. To gather
leads on the attack, Bybit
launched a $140 million bounty program. The breach is suspected to involve
North Korea's Lazarus Group.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
Finance Magnates Awards 2026 – Nominations Now Open
Finance Magnates Awards 2026 – Nominations Now Open
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
The Finance Magnates Awards 2026 nominations are now open. 🏆
From fintech innovators to leading brokers, this is where the finance industry celebrates its biggest achievements.
Winners will be announced at the Cyprus Gala Dinner on November 6, 2026.
Nominate your brand now.
https://awards.financemagnates.com/?utm_source=linkedin&utm_medium=video&utm_campaign=nominations-open
#FMAwards #FinanceMagnates #FintechAwards #Fintech #FinanceIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Finance Magnates Awards 2026 | Nominations Now Open 🏆#Fintech #FMAwards #TradingIndustry
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Lights on. Cameras ready. 🎬
Finance Magnates Awards 2026 nominations are now open. 🏆
#FMAwards #FinanceMagnates #FintechAwards #Fintech
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Exness sees trust as the key theme for growth in MENA Trading Growth for 2026
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Mohammad Amer, Regional Commercial Director at Exness, sits down to discuss the booming MENA financial trading market. Find out why Dubai is key to the company's growth strategy, how a mobile-first generation is changing expectations, and why trust will be the defining theme for traders in 2026.
In this interview, you'll learn:
* Why Dubai and the MENA region are critical growth markets for fintech and online trading.
* How Exness is addressing the demands of mobile-first, younger traders through engineering, platform stability, and transparent conditions.
* The essential role local talent plays in providing a culturally relevant and compliant user experience.
* Mohammad Amer's outlook on the future of the online trading industry and why stronger controls and systems are necessary.
* Why "trust" isn't just a brand value, but has commercial value—and why he predicts 2026 will be the "Year of Trust."
Key Takeaways:
➡️ The MENA region is rapidly shaping global financial markets.
➡️ New traders expect stability, precise execution, and transparency.
➡️ Local expertise is key to regulatory compliance and user experience.
➡️ Future success belongs to firms capable of meeting rising standards across regulation and platform consistency.
Read the full article at: https://www.financemagnates.com/thought-leadership/exness-sees-trust-as-the-key-theme-for-growth-in-mena-trading-growth-for-2026/
#Exness #MENA #Trading #FinTech #Dubai #OnlineTrading #FinanceMagnates #MohammadAmer #Trust #MobileTrading
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
Paytiko CEO Razi Salih on Why Payment Orchestration is a MUST-HAVE for Brokers in 2026
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
At iFX Expo Dubai, Finance Magnates spoke with Razi Salih, CEO at Paytiko, about the evolution of the payments ecosystem and why payment orchestration has shifted from an option to a necessity for brokers, prop firms, and exchanges.
Mr. Salih explains how global expansion, the need for deep localisation, and the sheer number of new payment methods, from instant banking to stablecoins, are driving this critical infrastructure shift.
#PaymentOrchestration #Fintech #Brokerage #TradingPayments #RaziSalih #Paytiko #iFXExpoDubai #Stablecoins #AIinFintech
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav: Solving Data Fragmentation & Lag for Brokers & Prop Firms
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
Altima CTO Sunil Jadhav sits down with Finance Magnates to discuss the core technology challenges facing CFD brokers and proprietary trading firms today.
Jadhav explains how the industry's reliance on batch processing and fragmented systems (where CRMs, risk tools, and trading platforms operate with separate 'sources of truth') leads to delayed data and inconsistent operational decisions. He argues that real-time event processing is essential for managing fast-moving trading activity and risk.
Learn how Altima's unified, event-driven architecture, connecting Altima CRM, Altima Prop, IB systems, and risk management through a single backbone, is designed to provide synchronous data and better operational coordination for modern brokerage and prop firm stacks.
Key Topics:
- Broker and Prop Firm Data Challenges
- The problem of delayed data processing (batch processing vs. real-time events)
- Fragmented systems and conflicting data sources
- Altima's unified, event-driven solution architecture
- The concept of a "risk-aware CRM"
- Built-in risk management in Altima Prop
#Altima #financemagnates #iFXDubai #FinTech #BrokerTech #PropFirm #CFDBroker #TradingTechnology #RealTimeData #RiskManagement #CRM #FinancialMarkets #EventDrivenArchitecture
