Bybit, one of the largest crypto fairs, is getting closer to obtaining a full operational license in the United Arab Emirates (VAE). This approval comes at a crucial time, because the exchange recently a huge hack of $ 1.4 billion suffering. The Exchange recently received in principle approvor (IPA) of the Securities and Commodities Authority (SCA) of the VAE, making it a step closer to obtaining a full operational license.
Bybit, the approval of the VAE in-principle
On February 18, 2025, Bybit protected the IPA To work as a virtual asset platform operator in the VAE. In the meantime, this approval only a few days before it was hit by a $ 1.4 billion hack on February 21. The attack, one of the largest in Crypto history, happened during a transfer between Bybit’s Cold and Hot Wallet
This approval emphasizes the dedication of the company to compliance and regulatory standards in the region. Bybit wants to offer a safe 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 and stated that the exchange is committed to working closely with regulators to guarantee a safe and innovative crypto ecosystem in the VAE. With this approval, Bybit is now in the last phases of obtaining its entire operational license.
Bybit expands on the worldwide markets
While working on full approval in the VAE, Bybit also grows his presence worldwide. The exchange recently The Indian market reintroduced After paying a $ 1 million fine for operating without prior registration.
It has also expanded the activities in Georgia, Kazakhstan and Turkey, so that the global range is further confirmed.
Regulatory obstacles in Europe and Malaysia
While Bybit is growing in some regions, it represents challenges in others. At the end of 2024, the company temporarily stopped the 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 bybit ordered to stop the activities in December 2024 to perform a non -registered exchange. The company continues to work on complying with the compliance requirements in several countries.
What is the next step for Bybit?
The approval of Bybit in the VAE is a big step forward, but the exchange still has challenges. With continuous legal efforts and security problems after the recent hack, Bybit must focus on strengthening his platform to maintain confidence among users.
If it successfully protects its full VAE license, it can open more doors for the worldwide expansion of the company.