The license will allow Bybit to offer crypto exchange and custody services.
The exchange recently exited Canada due to straight regulations.
Bybit
Bybit, a cryptocurrency exchange, has obtained a new license from the Cyprus Securities and Exchange Commission (CySEC) that will allow it to operate as a crypto exchange and provide custody services.
Bybit Gains CySEC License
According to the regulator's registry, the license was awarded to UAB Onlychain Fintech Limited, a Lithuanian company, on May 2023.
Officially announced today (Monday), the new license will allow Bybit to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions.
"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," said Bybit's Co-Founder and CEO, Ben Zhou.
"This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus."
Bybit's CySEC registration
Crypto Firms Are Focused on Regulations
The Cypriot license arrived less than a month after Bybit received 'in-principle' approval from the regulator in Kazakhstan to operate in the country. Earlier this year, Bybit opened its headquarters in Dubai, where it received an 'in-principal' approval for a cryptocurrency license.
Initially, Bybit was established as a crypto derivatives exchange. However, it expanded its services by adding spot trading in 2021 and added options trading last year. It has become one of the top venues for sport and derivatives crypto exchange, according to Coinmarketcap.
Although Bybit is pushing to become a regulated crypto exchange venue, it is facing backlash in some jurisdictions. Bybit is one of the many names that shuttered operations in Canada due to the country's stringent rules around crypto. Regulators in Spain and Japan also warned against Bybit, calling it an illegal crypto exchange, Finance Magnates reported. It also exited the United Kingdom.
While several top crypto exchanges made Cyprus their European base, some top ones are now evaluating their options. Binance recently announced its decision to deregister its Cyprus entity. On top of that, the EU arm of FTX was regulated in Cyprus. However, its license was suspended following the fiasco when FTX's operations blew out.
Bybit, a cryptocurrency exchange, has obtained a new license from the Cyprus Securities and Exchange Commission (CySEC) that will allow it to operate as a crypto exchange and provide custody services.
Bybit Gains CySEC License
According to the regulator's registry, the license was awarded to UAB Onlychain Fintech Limited, a Lithuanian company, on May 2023.
Officially announced today (Monday), the new license will allow Bybit to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions.
"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," said Bybit's Co-Founder and CEO, Ben Zhou.
"This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus."
Bybit's CySEC registration
Crypto Firms Are Focused on Regulations
The Cypriot license arrived less than a month after Bybit received 'in-principle' approval from the regulator in Kazakhstan to operate in the country. Earlier this year, Bybit opened its headquarters in Dubai, where it received an 'in-principal' approval for a cryptocurrency license.
Initially, Bybit was established as a crypto derivatives exchange. However, it expanded its services by adding spot trading in 2021 and added options trading last year. It has become one of the top venues for sport and derivatives crypto exchange, according to Coinmarketcap.
Although Bybit is pushing to become a regulated crypto exchange venue, it is facing backlash in some jurisdictions. Bybit is one of the many names that shuttered operations in Canada due to the country's stringent rules around crypto. Regulators in Spain and Japan also warned against Bybit, calling it an illegal crypto exchange, Finance Magnates reported. It also exited the United Kingdom.
While several top crypto exchanges made Cyprus their European base, some top ones are now evaluating their options. Binance recently announced its decision to deregister its Cyprus entity. On top of that, the EU arm of FTX was regulated in Cyprus. However, its license was suspended following the fiasco when FTX's operations blew out.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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Insight into which services, products, and benefits increase trust and LTV.
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Lessons from leading brokers on growing premium segments and what’s next.
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Insight into which services, products, and benefits increase trust and LTV.
Examples of offerings that scale without inflating cost or operational burden.
Lessons from leading brokers on growing premium segments and what’s next.
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Lessons from leading brokers on growing premium segments and what’s next.
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This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
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First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
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First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
The persisting price drops test the industry's commitment to crypto adoption. While on-chain innovation is making headway across market mechanics, from stablecoins to tokenization, investors remains cautious.
This session brings together market structure experts and institutional investors to explore how a prolonged bear market affects their long-term strategy, and where the opportunities lie ahead of the next cycle.
Attendees will walk away with:
First-hand account of the bear market's impact on various industry players
Understanding of what custody, connectivity, and settlement gaps still hamper growth in APAC
Insight into how client mandates and operational readiness are shaping who moves and who waits
Perspective on what institutional investors need to move toward actual digital asset capital deployment
