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Bybit Secures Crypto License in Cyprus Following Binance's Departure

Updated: Feb 29

Bybit has officially obtained a license from regulators in Cyprus, allowing the platform to operate as a recognized crypto exchange and custody service in the country.

Cyprus Bitcoin

With this development, crypto users in Cyprus, with a population of approximately 1.2 million, gain access to the fourth-largest centralized crypto exchange globally by assets. According to DeFiLlama data, Bybit follows closely behind Bitfinex, OKX, and Binance in terms of rankings.

In a statement, Bybit conveyed that regulatory authorities in Cyprus have granted the platform the capability to provide a "full suite of services."

Bybit's co-founder and CEO, Ben Zhou, emphasized the importance of compliance in the crypto industry, underscoring the commitment to regulatory standards, especially after reaching an agreement with Cyprus regulators. Bybit, headquartered in Dubai, positions itself as supporting the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry.

Zhou stated, "This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence." However, Blockworks' attempt to contact Bybit for additional comments did not yield an immediate response.

Cyprus, with ambitions to become a crypto hub, has faced challenges in clarifying policies on digital assets. Although a bill to address this matter was introduced, it was withdrawn in April 2023 before becoming law.

The move by Bybit to obtain a crypto license in Cyprus follows its withdrawal from the Canadian market in late May due to regulatory changes. As a result, existing Canadian users of Bybit will lose the ability to deposit or trade on the platform in the coming month.

The withdrawal from Canada aligns with a broader trend in the industry, as even Binance had earlier exited the Canadian market. Binance has also deregistered in Cyprus, awaiting the implementation of European Union crypto regulations under MiCA (Markets in Crypto Assets).

Photo from Allexxandar on Freepick


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