Bybit, one of the biggest crypto exchanges, is getting closer to securing a full operational license in the United Arab Emirates (UAE). This approval comes at a crucial time, as the exchange recently suffered a massive $1.4 billion hack. The exchange recently received in-principle approval (IPA) from the UAE’s Securities and Commodities Authority (SCA), bringing it one step closer to obtaining a full operational license.
On February 18, 2025, Bybit secured the IPA to operate as a Virtual Asset Platform Operator in the UAE. Meanwhile, this approval just days before it was hit by a $1.4 billion hack on February 21. The attack, one of the biggest in crypto history, happened during a transfer between Bybit’s cold and hot wallets
This approval highlights the company’s commitment to compliance and regulatory standards in the region. Bybit aims to provide a secure and transparent trading platform for both retail and institutional investors.
Ben Zhou, the co-founder and CEO of Bybit, expressed his excitement about the milestone, stating that the exchange is dedicated to working closely with regulators to ensure a safe and innovative crypto ecosystem in the UAE. With this approval, Bybit is now in the final stages of obtaining its full operational license.
While working toward full approval in the UAE, Bybit is also growing its presence worldwide. The exchange recently re-entered the Indian market after paying a $1 million penalty for operating without prior registration.
It has also expanded operations in Georgia, Kazakhstan, and Turkey, further cementing its global reach.
While Bybit is growing in some regions, it faces challenges in others. In late 2024, the company temporarily halted services in the European Economic Area (EEA) to comply with new European crypto regulations and is working on obtaining a MiCA license in Austria.
In Malaysia, the Securities Commission ordered Bybit to stop operations in December 2024 for running an unregistered exchange. The company continues to work on meeting compliance requirements in multiple countries.
Bybit’s approval in the UAE is a big step forward, but the exchange still has challenges ahead. With ongoing regulatory efforts and security concerns following the recent hack, Bybit must focus on strengthening its platform to maintain trust among users.
If it successfully secures its full UAE license, it could open more doors for the company’s global expansion.
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