top of page

Bybit Secures Crypto License in Cyprus Following Binance's Departure

bitcointimescy

Updated: Feb 29, 2024

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 Although a bill to address this matter was introduced, it was withdrawn in April 2023 before becoming law.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


  • White Facebook Icon
  • LinkedIn
  • Whatsapp

BITCOIN TIMES CY NEWSLETTER

Join over million readers and get the latest posts delivered straight to your inbox.

Thanks for submitting!

*Disclaimer: The opinion presented here should not be interpreted as investment advice; rather, it is intended solely for informational purposes. It may not necessarily align with the perspective of Bitcoin Times Cy. Given that all investments and trading carry inherent risks, it is advisable to conduct your own research before reaching decisions. We advise against investing funds that you cannot afford to lose.

You should refrain from making any decision, whether financial, investment, trading, or otherwise, solely relying on the information provided on this website. It is crucial to conduct your own thorough research and seek guidance from a qualified broker or financial advisor.

Bitcoin Times Cy cannot be held accountable for any inaccuracies, omissions, or errors on this website. Moreover, Bitcoin Times Cy cannot assume responsibility for any trading or investment losses experienced by visitors to the site, even if such losses arise due to errors.

You understand that you are using any and all Information available on or through this website at your own risk.

© Copyright 2023 All rights Reserved | Bitcoin Times Cy

bottom of page