Bybit receives crypto license in Cyprus Bybit has received a license for crypto exchange and custody services in Cyprus, the company said…

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Bybit acquires crypto license in Cyprus

Crypto exchange Bybit has acquired a license for crypto exchange and custody services in Cyprus, the company said in a statement on Monday. “This milestone is a testament to Bybit’s commitment to adhering to a strong regulatory framework while expanding our global presence,” Bybit co-founder and CEO Ben Zhou said in a statement. “We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent.” The Dubai-headquartered company said the move reflects its commitment to comply with local regulations. The license strengthens the exchange’s presence in the European Union (EU) after facing regulatory scrutiny in Japan and an exit from Canada, and as UK companies in the EU are preparing for new rules known as Markets in Crypto Assets Regulation, MICA. Which would allow them to serve the entire bloc with a license from one member state. Cyprus is one of the EU members to introduce an advance registration regime before MiCA comes into effect in 2024. Binance recently sought to withdraw its positions in the country as part of an apparent regulatory consolidation due to MiCA fears.

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