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Bybit Takes the Lead in Strengthening Regulation with Groundbreaking Cyprus License

Bybit Takes the Lead in Strengthening Regulation with Groundbreaking Cyprus License

Bybit Takes the Lead in Strengthening Regulation with Groundbreaking Cyprus License

Bybit has just got the CySEC license, which will enable it to offer crypto custody services online.

Key Points

  • Bybit has been granted a license to provide cryptocurrency exchange and custody services. 
  • This license will enable Bybit to resume offering its services in Canada after having to leave due to strict regulations.
  • Bybit has also been facing several regulatory challenges.

Bybit, a crypto exchange, has been granted a fresh license by the Cyprus Securities and Exchange Commission (CySEC), enabling it to function as a cryptocurrency exchange and offer custody services.

Bybit Gets CySEC License

In May 2023, according to the regulator registry, UAB Onlychain Fintech Limited, a Lithuanian company, was awarded a license. Today, on a Monday, it was officially announced that Bybit, a crypto trading platform, was granted the license

With this new license, Bybit can now offer a comprehensive range of services including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions. Bybit’s platform offers over 1000 coins and tokens, allowing users to explore limitless, instant crypto swaps. What’s more, users can exchange without any registration or sign-up. Bybit prioritizes user data privacy and fund security, ensuring a safe and secure platform for all.

The CEO of Bybit, Ben Zhou, stated that, 

“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,” 

“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.”

Latest Developments in Bybit

Bybit, the popular cryptocurrency trading platform, has been granted a license to operate in Cyprus, just weeks after receiving an ‘in-principle’ approval from Kazakhstan’s regulatory body to operate in the country. 

With its headquarters recently established in Dubai, Bybit has emerged as a leading player in the crypto trading world, offering spot and derivatives trading services to its users. 

Despite facing regulatory challenges in some jurisdictions, it has managed to position itself as one of the top venues for crypto exchange. However, Bybit has also had to shutter operations in Canada due to strict crypto rules, while regulators in Spain and Japan have warned against its operations, calling the platform an illegal crypto exchange. Nonetheless, Bybit remains committed to gaining regulatory approval and expanding its services across the globe.

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