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• Bybit has secured a cryptocurrency exchange and custody provider license in Cyprus.
• The UAE-based company recently exited the Canadian market.
• Bybit’s milestone comes ahead of the expected MiCA regulation in Europe.

Bybit Secures Crypto Exchange License in Cyprus

Bybit, a Dubai-based crypto platform, has announced that it has secured regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus. This licensing is a milestone for the company’s commitment to regulatory compliance as it looks to offer users access to secure trading solutions.

Exiting the Canadian Market

Bybit recently exited the Canadian market and now seeks to strengthen its presence in the European Union with this new license. Co-founder and CEO of Bybit, Ben Zhou stated that they “wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent”.

MiCA Regulation Approaching

In May, EU finance ministers approved MiCA (Markets in Crypto Assets) which is expected to take effect in 2024. With this new license from Cyprus, Bybit will be able to offer its services across the bloc when MiCA goes into full effect next year.

Approval From Kazakhstan

Earlier this month, Bybit also received official approval from Astana Financial Service Authority (AFSA) which regulates the Astana International Financial Centre (AIFC). Binance also got licensed by AFSA around this same time period.


By securing these two licenses from Cyprus and Kazakhstan, Bybit can now expand its operations across multiple countries while complying with their respective regulations on digital asset trading facilities and custody providers.