Key Points
- Bybit has obtained a Virtual Asset Platform Operator License from the United Arab Emirates’ Securities and Commodities Authority.
- The exchange plans to expand its operations in the UAE and offer a wide range of services.
Cryptocurrency exchange Bybit, based in the British Virgin Islands, has successfully obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE).
Bybit is the first crypto exchange to be fully licensed in the UAE. The company’s CEO and co-founder, Ben Zhou, sees this as a reflection of Bybit’s dedication to trust-building through compliance and transparency. He also recognizes the UAE as a global leader in digital asset regulation.
Expansion Plans in the UAE
Bybit aims to provide regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE. Their expansion plans include the establishment of a larger regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai.
This move is part of a broader, long-term strategy to increase the company’s operations throughout the Middle East. Bybit recently collaborated with Qatar National Bank (QNB) and infrastructure firm DMZ Finance to develop a tokenized money market fund (MMF), named QCDT, which is reportedly the first DFSA-approved tokenized MMF.
Growth of Crypto Exchanges
Bybit is the second largest cryptocurrency exchange globally, with a 24-hour trading volume of $5.1 billion. Binance, the world’s largest crypto exchange, shows a 24-hour trading volume of $29.7 billion for the same period. Coinbase Exchange is third with a recent 24-hour volume of $3.1 billion.
The popularity of cryptocurrency and digital assets products is growing as governments and mainstream populations worldwide continue to adopt them. Exchanges are benefiting from increased activity and new avenues for products and services as regulatory efforts provide clarity in the sector.
For instance, Binance recently partnered with Spanish banking giant BBVA to explore crypto custody solutions. Meanwhile, Binance Coin surpassed both XRP and USDT on Oct. 7 to become the third-largest cryptocurrency in the world by market cap. However, as of the time of this article’s publication, USDT has reclaimed the number three spot, with BNB slightly trailing in fourth.
