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Prominent crypto exchange Bybit has expanded its operations by obtaining a license to operate a crypto exchange and provide custody services in Cyprus. This license will allow Bybit to offer its clients in Cyprus and EU member states a full suite of services which includes trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions. The license acquisition is an important milestone in Bybit’s global expansion roadmap while adhering to robust regulatory frameworks in the region.
Cyprus Expansion
Cyprus is a growing hub for cryptocurrency activities with a favorable regulatory environment and a growing community of crypto enthusiasts. In recognition of these factors, Bybit is excited to offer its next-level reliability and opportunities to the local digital asset community. Bybit confidently supports the regulatory objective of building a compliant, secure, and transparent crypto industry that ultimately benefits all those seeking financial freedom. Bybit’s co-founder and CEO Ben Zhou has said that the platform warmly welcomes the chance to contribute to the continued expansion of the region’s crypto sector.
The Cyprus license follows Bybit’s announcement a month ago that it was exiting the Canadian market, citing challenging regulatory environments. Bybit has since doubled down on its global expansion efforts and has steadily expanded its service offerings. The Dubai-based crypto exchange has received an ‘in-principle’ approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). Bybit has also teamed up with Mastercard to offer a new debit card for cryptocurrency payments.
Bybit’s recovery has been swift after the collapse of Sam Bankman-Fried’s crypto empire – FTX – that led to the slashing of its workforce by 30%. Following its staff layoff which was part of its ‘reorganization’ that aimed at refocusing efforts, Bybit is set to offer users crypto lending services in May.
Bybit’s successful acquisition of a crypto exchange and custody service license in Cyprus is set to strengthen its position in the European market and beyond. With its unwavering commitment to compliance, security, transparency, and providing excellent services to its clients, Bybit is poised to lead the way in the region’s burgeoning crypto industry.
