Bybit Strengthens Foothold in EU with Cyprus License, Exiting Canada and UK
Dubai-based Crypto Exchange Bybit Expands Presence in European Union Following Departure from Canada and the U.K.
Bybit, a cryptocurrency exchange headquartered in Dubai, announced on Monday that it has obtained a license for providing crypto exchange and custody services in Cyprus.
The company stated that this move highlights its dedication to complying with local regulations and strengthens its position within the European Union (EU), following its previous regulatory challenges in Japan and the decisions to exit the Canadian and U.K. markets.
Ben Zhou, Co-founder and CEO of Bybit, described this development as a significant milestone that showcases Bybit’s commitment to adhering to robust regulatory frameworks while expanding its global reach. He emphasized their full support for establishing a compliant, secure, and transparent cryptocurrency industry.
European Union companies are preparing for the implementation of new regulations known as the Markets in Crypto Assets (MiCA), which will enable them to offer services to the entire EU under a license obtained from a single member state. Cyprus has introduced an advance registration system ahead of MiCA’s enforcement in 2024.
Previously, FTX operated its EU branch in Cyprus until its license was revoked following the exchange’s sudden collapse in November. Binance has also recently moved to withdraw its presence from the country, aligning with the regulatory consolidation efforts in anticipation of MiCA.
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