Bybit obtains cryptocurrency exchange license in Cyprus.

• Bybit has been licensed as a cryptocurrency exchange and custody provider in Cyprus.
• The licensing in Cyprus is important for Bybit’s presence in the European Union (EU) as the industry prepares for the Markets in Crypto Assets (MiCA) regulation that is expected to take effect in 2024.
• Bybit recently left the Canadian market, and securing the license in Cyprus is a milestone in its commitment to regulatory compliance.

According to reports, Bybit, a Dubai-based crypto exchange platform, has received regulatory approval to offer cryptocurrency exchange and custody services in Cyprus. Bybit’s co-founder and CEO Ben Zhou stated that this license is a major step in their commitment to regulatory compliance, which is essential in their efforts to provide users with secure trading solutions and to establish a presence in the European Union.

EU’s MiCA regulation coming

Bybit’s obtaining of a license in Cyprus comes after the exchange’s exit from the Canadian and UK markets due to global scrutiny on crypto exchanges. Licensing in Cyprus is crucial to the company’s efforts to strengthen its presence in the EU as the industry awaits the MiCA regulation that will take effect in 2024. With the licensing in Cyprus, Bybit can offer its services across the EU.

Earlier this month, Bybit obtained official approval to operate as a digital asset trading facility and custody provider in Kazakhstan. The Astana Financial Service Authority (AFSA), which regulates the Astana International Financial Centre (AIFC), also granted the license to Binance.

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