Bybit Gets Green Light to Launch Crypto Platform in UAE
Bybit is one of the largest crypto exchanges and will soon obtain a full operating license in the United Arab Emirates (UAE). The approval comes at a critical moment, as the exchange has recently suffered a $1.4 billion hack. The exchange has recently obtained the In-Principle Approval (IPA) of the UAE’s Securities and Commodity Authority (SCA), bringing it one step closer to obtaining a full operating license.
Bybit gets approval from the UAE’s principles
February 18, 2025, Bybit ensures IPA Operate as a virtual asset platform operator in the UAE. Meanwhile, the approval came just days before it was attacked by $1.4 billion hackers on February 21. The attack was one of the biggest in cryptocurrency history, taking place during a transfer between the cold and hot wallets of Bybit
The approval highlights the company’s commitment to compliance and regulatory standards in the region. BYBIT aims to provide a safe and transparent trading platform for retail and institutional investors.
Bybit’s co-founder and CEO Ben Zhou expressed excitement at the milestone, noting that the exchange is committed to working closely with regulators to ensure a secure, innovative crypto ecosystem in the UAE. With this approval, BYBIT is now in its final stages of obtaining its full operating license.
BYBIT expands in global markets
While the UAE is fully approved, Bybit is growing globally. Recent exchanges Re-enter the Indian market After paying a $1 million fine without prior registration.
It also expanded operations in Georgia, Kazakhstan and Turkey, further strengthening its global reach.
Regulatory barriers in Europe and Malaysia
While Bybit is growing in some regions, it faces challenges in others. In the second half of 2024, the company temporarily suspended its services in the European Economic Area (EEA) to comply with new European crypto regulations and is working to obtain a mica license in Austria.
In Malaysia, the U.S. Securities Commission ordered Bybit to cease operations in December 2024 to conduct unregistered exchanges. The company continues to work to meet compliance requirements in multiple countries.
What’s next for Bybi?
Bybit’s approval in the UAE is a big step, but the exchange still faces challenges. After the recent hack, Bybit must focus on strengthening its platform to maintain trust among users due to ongoing regulatory efforts and security concerns.
If you successfully obtain its full UAE license, you can open more doors to the company’s global expansion.
