UAE-headquartered Bybit secures 2 licences

UAE-headquartered Bybit secures 2 licences

Bybit, headquartered in Dubai, has obtained a licence to operate a crypto exchange in addition to offering custody services in Cyprus. The acquired licence from the regulatory authorities in Cyprus will enable the platform to offer different services like trading between crypto pairs and fiat currency pairs as well as financial services for crypto assets and custody solutions that are customised to clients in both Cyprus and the European Union (EU) member states. commented by saying: Zhou added: Bybit is successfully obtaining the certification for its security management system and running real-time, on-chain, proof-of-reserves data with a purpose-built Merkle tree. Furthermore, Bybit FinTech FZE, a subsidiary of the crypto exchange was granted the Minimum Viable Product (MVP) Preparatory License by Dubai's Virtual Assets Regulatory Authority (VARA). The Preparatory License follows the Provisional License Bybit FinTech FZE received in March 2022. However, the new licence does not allow Bybit to commence virtual asset operations in Dubai at the current time, yet exhibits the progress made to obtain operational permission from VARA. Zhou commented on the licence granted to Bybit FinTech FZE by saying: The CEO added: It is worth noting that the global crypto exchange in Dubai earlier this year.