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Crypto exchange Bybit gains Cyprus crypto licence

The licence follows the Dubai-based crypto exchange’s exit from Canada and the UK and a waning from Japanese regulators.

Bybit Ben Zhou

Ben Zhou/Bybit.

Crypto exchange Bybit has been granted a crypto exchange and custody services licence in Cyprus.

The licence will allow the Dubai-based exchange, founded in 2018, to offer services including the buying and selling of crypto currencies, financial services related to crypto assets, and custody services.

Cyprus is a hub for crypto activities, helped by a favourable regulatory environment.

Bybit exited the Canadian market this year, amid regulatory changes and exited the UK market in 2022, following the FCA’s ban on crypto derivatives.

It has also faced regulatory scrutiny in Japan, after Japan's Financial Services Agency fired off a warning letter saying foreign crypto exchanges including Bybit are operating in the country without proper registration.

“At Bybit, we wholeheartedly support the regulatory objective of building a crypto currency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,” said Ben Zhou (pictured) , co-founder and CEO of Bybit.

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