Bybit received in-principle approval in the UAE, advancing its regulatory efforts while continuing expansion and strengthening compliance across key markets.
By Temitope Olatunji
Edited by Marco T. Lanz
Updated
3 mins read
Bybit has received initial approval from the UAE’s Securities and Commodities Authority (SCA), allowing it to operate as a virtual asset platform operator in the country. The exchange also said it is close to getting a full license.
Bybit’s co-founder and CEO, Ben Zhou, said the approval is important because it supports the company’s goal of offering safe and clear crypto trading tools. He also said they will keep working with regulators to build a well-regulated and modern digital asset market in the UAE. The CEO stated:
“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.”
The exchange wrote in the official release that it will keep following global rules, including anti-money laundering (AML) and counter-terrorism financing (CFT) measures, to maintain a safe and trustworthy trading platform.
Securing this approval further allows the exchange to expand its crypto services to individuals and businesses in the UAE. Besides that, it builds on the company’s previous regulatory approvals in the Middle East, reinforcing its focus on compliance in major financial centers.
Bybit got initial approval in the UAE on February 18, just a few days before a $1.4 billion hack on February 21. Yesterday, the FBI said North Korea was behind the attack. It warned exchanges, DeFi platforms, and RPC node operators to stop transactions linked to the stolen funds.
The attack has been labeled one of the largest in crypto history, occurring during a transfer between the exchange’s cold and hot wallets.
Bybit’s recently received approval adds to previous ones from other countries such as India, Georgia, and Kazakhstan, among others. It explained that this new achievement will provide the exchange with the opportunity to expand its offerings while simultaneously enhancing security to ensure user safety.
The exchange announced its reentry into India on February 25. This comeback was made after the exchange paid a $1 million fine to India’s Financial Intelligence Unit (FIU) for operating without the required registration, which violated the country’s IT Act.
Furthermore, France’s financial regulator has removed Bybit from its noncompliance list after blacklisting it in May 2022. However, Bybit still faces regulatory hurdles in some regions. In December 2024, Malaysia’s Securities Commission ordered it to stop operations, citing unregistered exchange activity.
Beyond regulatory challenges, Bybit has been rolling out new initiatives. Its Web3 division recently announced the introduction of the Telegram Mini Wallet, allowing users to create and manage their Bybit Wallets directly within Telegram. This feature simplifies access to Web3 by removing the need for separate app downloads.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
