Bybit Acquires Crypto License to Operate in Cyprus
The crypto exchange Bybit announced today that it has been granted a licence to operate and provide digital asset custody services in Cyprus.
Rapid Expansion Plans
Bybit’s strategic effort to get a business licence in Cyprus was made with the express purpose of expanding the company’s worldwide presence. Bybit may now provide its crypto exchange and custody services to customers in Cyprus without fear of legal repercussions.
Clients in Cyprus may access a variety of crypto-related financial services, including custody and the trading of crypto-fiat currency pairs. Bybit’s licencing and operations have spread beyond Europe to North America and Asia. Just last month Bybit received in-principle approval in Kazakhstan.
Over the last several months, the growth of the exchange has been consistent. Bybit users have also risen significantly. The company said earlier this month that it has increased its global user base by 50%, from 10M in Quarter 3 of 2022 to 15M this year.
Bybit, in preparation for growth into the more crypto-friendly Middle East and North Africa (MENA) region, moved its headquarters to Dubai on April 18th. When new regulations hit the Canadian market, Bybit immediately followed Binance and OKX and left the country.
With its new headquarters, Bybit has taken another step towards its goal of becoming the world’s leading cryptocurrency exchange. In addition, the European Union’s new Markets in Crypto Assets Regulation (MiCA) will apply to Bybit’s operations in Cyprus.