Bybit gets crypto exchange and custody license in Cyprus

  • Bybit is licensed as a cryptocurrency exchange and custody provider in Cyprus.
  • The Cyprus licensing comes as the exchange prepares for the upcoming MiCA regulation.
  • The UAE-based company recently withdrew from the Canadian market.

Cryptocurrency exchange Bybit has reportedly won regulatory approval to operate as a cryptocurrency exchange and custody service provider in Cyprus.

Dubai based crypto platform announced It took place on Monday, noting that the license aims to give users access to secure trading solutions and is a milestone in its commitment to regulatory compliance.

At Bybit, we wholeheartedly support the regulatory goals of building a compliant, secure, and transparent cryptocurrency industry that ultimately benefits all those seeking financial freedom.Bybit co-founder and CEO Ben Zhou said in a statement.

EU MiCA regulation begins

Bybit’s regulatory milestone in Cyprus comes after the exchange pulled out of Canada and the UK amid global scrutiny of the cryptocurrency exchange.

Securing licenses in European Union countries is therefore key to the company’s efforts to strengthen its presence within the European Union, as the industry approaches the welcome of Crypto Asset Market (MiCA) regulation.

EU Finance Ministers approved the MiCA in May, and the pioneering regulatory framework is expected to enter into force in 2024. The Cyprus license will allow Bybit to offer services throughout the region.

Earlier this month, Bybit received Officially approved to operate as a digital asset trading facility and custody provider in Kazakhstan. Binance was also recently licensed by the Astana Financial Services Authority (AFSA), which regulates the Astana International Financial Center (AIFC).

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