Bybit obtains crypto license in Cyprus.

The cryptocurrency exchange Bybit has obtained a license to provide cryptocurrency exchange and custody services in Cyprus, as stated in a press release on Monday.

The company, based in Dubai, stated that this move demonstrates its commitment to complying with local regulations. The license strengthens the exchange’s presence within the European Union (EU) following regulatory scrutiny in Japan and its withdrawal from Canada and the United Kingdom.

“This milestone is evidence of Bybit’s commitment to adhering to strong regulatory frameworks while expanding our global presence,” said Ben Zhou, Bybit’s co-founder and CEO, in a statement. “We fully support the regulatory objective of developing a cryptocurrency industry that is both compliant, secure, and transparent.”

Companies in the European Union are preparing for new regulations known as the Markets in Crypto Assets regulation (MiCA), which will enable them to serve the entire bloc with a license from a single member state. Before MiCA takes effect in 2024, Cyprus is one of the EU members that has implemented an advanced registration system.

Cyprus was the location of FTX’s EU division until its license was revoked following the exchange’s sudden collapse in November. Binance recently sought to withdraw its status in the country as part of a regulatory consolidation plan in anticipation of MiCA.

Edited by Parikshit Mishra.