Bybit, the third largest crypto exchange in the world, is expanding its global presence. Today, the exchange announced that it has been awarded a license to operate a cryptocurrency exchange in Cyprus and provide digital asset custody services.
Expanding the Global Footprint of the Crypto Exchange
Bybit obtaining a license to operate in Cyprus is a strategic move to expand its global footprint. With this license, Bybit can now offer crypto exchange and custody services to customers in Cyprus and across the European Union.
These include trading between crypto pairs and fiat currency pairs, financial services related to crypto assets and custody solutions tailored to clients in Cyprus.
The company said in a statement:
Cyprus is recognized as a burgeoning hub for cryptocurrency activity, with a growing community of crypto enthusiasts and a favorable regulatory environment. Bybit recognizes the huge potential of the Cypriot market and is excited to bring next level reliability and opportunity to the local digital asset community.
Bybit now has offices and licenses in several major regions including North America, Asia Pacific and now Europe
Growth for ByBit
In recent months, the exchange has experienced steady growth and expanded its range of services. Bybit’s user base has also skyrocketed. Last month, the company announced a 50% increase in its global user base, from 10 million users in the third quarter of 2022 to 15 million this year.
Bybit recently moved its headquarters to Dubai on April 18 as part of its mission to invest in the Middle East and North Africa (MENA) region, where the crypto industry is more welcome. Not long after, Bybit joined Binance and OKX in exiting the Canadian market, citing recent regulatory policy changes.
The new headquarters is the latest in a series of milestones for Bybit as it solidifies its position as a leading crypto exchange. Dubai has become a hub for crypto and blockchain technology, so it’s an ideal location for a fast-growing crypto exchange like Bybit.
Bybit operations in Cyprus will be subject to the newly introduced Markets in Crypto Assets Regulation (MiCA) in the European Union.
However, Binance, a close crypto exchange peer of Bybit, recently took a shocking move to unsubscribe in Cyprus. Binance claims it is leaving the Cypriot market to re-evaluate its business strategy and ensure it will be fully compliant with MiCA when it is finally introduced within the next 18 months.
Total crypto market reaches $1.144 trillion as positive sentiment ramps up | Source: Total Crypto Market Cap on TradingView.com
Featured image from Yahoo Finance, chart from TradingView.com
