Bybit Nears Full UAE License After Overcoming $1.4 Billion Hack
bybit Obtained Internal Principle Approval (IPA) from the United Arab Emirates United States Securities and Commodity Agency (SCA) Establish yourself as the virtual asset platform operator in the region.
This development marks a major step towards obtaining a full operating license.
BYBIT builds a virtual asset platform in the UAE
The authorization brings Bybit even closer to providing a wide range of digital asset services to retail and institutional clients in the UAE. It follows the Middle East approvals of its existing regulatory authorities, further strengthening its commitment to compliance with key financial hubs.
Bybit’s co-founder and CEO Ben Zhou expressed optimism about the IPA and expressed optimism in a statement about SCA’s full operational approval.
“We are honored to receive the IPA from the SCA. This approval marks a critical step in our journey to provide a secure and transparent crypto trading solution, shared In the announcement.
At the same time, this development reflects the UAE’s ongoing efforts to position itself as a leader in crypto and blockchain innovation. Bybit’s regulatory progress is aligned with the UAE’s forward-looking stance on digital assets, ensuring a compliant, secure trading environment for retail and institutional investors.
Bybit’s expansion in the UAE follows similar developments in India earlier this month. The exchange was successfully registered with the Financial Intelligence Unit (FIU) in India. Due to compliance issues, this allows it to resume all operations after a temporary pause.
“Big News! Bybit has officially registered on FIU-IND and has made great progress in the Indian market! We are pleased to expand our presence in India, which marks a huge milestone.” read.
It is said that Bybit Exchange A fine of $1.06 million was paid without proper registration. After that, with Indian regulatory standards.
It is worth noting that the company confirmed that as of February 25, all services for existing users in India will be restored. In addition, new users will gradually recover.
Despite regulatory progress in the UAE and India, Bybit still faces scrutiny in Japan. In February, the Japan Financial Services Agency (FSA) urged major app stores Delist Bybit and other unregistered crypto exchanges.
FSA Quote Concerns about investors’ unlicensed operations and potential risks have strengthened Japan’s strict approach to crypto regulation.
Apart from regulatory developments, BYBIT remains headlines after major Safety violation. As Beincrypto reported $1.4 billion has been withdrawn from its platform. The investigation shows that North Korea’s Lazarus Group is Responsible for attacksfurther strengthening concerns about security vulnerabilities in centralized exchanges (CEXS).
Despite the violation, Bybit assured users that all funds remain safe and fully supported. The exchange has launched Crisis Management Strategy,supply $140 million bounty Track the exploiters and restore stolen assets. However, subsequent reports indicate The system of secure wallet is weak linksnot Bybit’s internal system.
The event emphasizes the importance of understanding Crypto wallet securityespecially for companies that deal with large amounts of customer funds.
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