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
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