Bybit Strengthens Regulation with New Cyprus License

Bybit, a cryptocurrency exchange, has obtained a new license from the Cyprus Securities and Exchange Commission (CySEC) that will allow it to operate as a crypto exchange and provide custody services.

Bybit Gains CySEC License

According to the regulator's registry, the license was awarded to UAB Onlychain Fintech Limited, a Lithuanian company, on May 2023.

Officially announced today (Monday), the new license will allow Bybit to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions.

"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," said Bybit's Co-Founder and CEO, Ben Zhou.

"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."

Crypto Firms Are Focused on Regulations

The Cypriot license arrived less than a month after Bybit received 'in-principle' approval from the regulator in Kazakhstan to operate in the country. Earlier this year, Bybit opened its headquarters in Dubai, where it received an 'in-principal' approval for a cryptocurrency license.

Initially, Bybit was established as a crypto derivatives exchange. However, it expanded its services by adding spot trading in 2021 and added options trading last year. It has become one of the top venues for sport and derivatives crypto exchange, according to Coinmarketcap.

Although Bybit is pushing to become a regulated crypto exchange venue, it is facing backlash in some jurisdictions. Bybit is one of the many names that shuttered operations in Canada due to the country's stringent rules around crypto. Regulators in Spain and Japan also warned against Bybit, calling it an illegal crypto exchange, Finance Magnates reported. It also exited the United Kingdom.

While several top crypto exchanges made Cyprus their European base, some top ones are now evaluating their options. Binance recently announced its decision to deregister its Cyprus entity. On top of that, the EU arm of FTX was regulated in Cyprus. However, its license was suspended following the fiasco when FTX's operations blew out.