Bybit, the second biggest crypto exchange by trading volume, has announced that it has received its second in-principle license in the United Arab Emirates (UAE) to operate as a virtual assets exchange platform. The approval is from the UAE’s regulatory authority, the Securities and Commodities Authority (SCA), marking the first time the body will grant such a license.
This is the second license that the crypto exchange will be receiving in the region after earning one from the Virtual Asset Regulatory Authority (VARA) in 2024. The second license will allow Bybit to set up a crypto operation in the country.
Bybit earns IPA from UAE’s SCA
According to the company’s press release, Bybit is at the final stage of earning a full license that will allow the firm to gain a full operational license. The milestone is a significant achievement for the firm, showing its compliance and its drive to provide users with a stable and secure trading platform. The authorization also moves the firm closer to offering both retail and institutional services.
“We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem for both retail and institutional investors in the UAE,” Bybit co-founder and CEO Ben Zhou said.
The approval is coming after a week where the exchange lost about $1.4 billion after being hacked by the Lazarus Group. The exchange has since handled the situation, with help from the global crypto community.