Bybit's Latest Achievement: Approaching Full Operational License in UAE

In a significant development, Bybit has received an in-principle approval from the United Arab Emirates’ Securities & Commodities Authority (SCA) to operate as a Virtual Asset Platform Operator in the region. This milestone brings the platform closer to attaining a complete operational license, allowing it to offer a wide array of digital asset services to both retail and institutional clients in the UAE.

The co-founder and CEO of Bybit, Ben Zhou, expressed excitement about the IPA, emphasizing the company's commitment to providing secure and transparent cryptocurrency trading solutions. The move not only signifies Bybit's dedication to compliance but also mirrors the UAE's progressive approach towards embracing crypto and blockchain innovations.

This approval comes on the heels of Bybit's regulatory advancements in the Middle East and its recent registration with India's Financial Intelligence Unit, enabling it to recommence full operations in the country after adhering to regulatory standards. Despite facing scrutiny in Japan over unregistered operations, Bybit continues to make waves in the global crypto market.

While a recent security breach raised concerns, Bybit remains confident in the security of its funds and has taken proactive measures to enhance its crisis management strategy. The incident underscores the critical need for robust crypto wallet security measures in the face of evolving threats to digital asset platforms.