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Friday, July 19, 2024

Bybit Scores Cyprus License to Operate Crypto Exchange and Custody Services

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Prominent crypto exchange Bybit continues the expansion of its operations after successfully scoring a license in Cyprus.

The newly acquired license from the regulatory authorities in the island country will allow Bybit to offer a full suite of services. This includes trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions specifically curated for clients in Cyprus and EU member states.

Cyprus Expansion

According to the official press release shared with CryptoPotato, Bybit obtaining a license to operate a crypto exchange and provide custody services in Cyprus is a crucial milestone for its global expansion roadmap while adhering to robust regulatory frameworks.

Commenting on the development, Bybit’s co-founder and CEO Ben Zhou said that the platform “wholeheartedly” supports the regulatory objective of building a crypto industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom.

Bybit’s statement reads:

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“Cyprus is recognized as a burgeoning hub for cryptocurrency activities, with a growing community of crypto enthusiasts and a favorable regulatory environment. Bybit recognizes the immense potential of the Cyprus market and is excited to bring its next-level reliability and opportunities to the local digital asset community.”

The license comes a month after Bybit said that it will be exiting the Canadian market. The company had then cited a challenging regulatory environment in the country as the reason behind its decision after the Canadian Securities Administrators (CSA) issued new guidance for crypto entities, forcing platforms to obtain approval from the regulator.

Bybit Review: Post FTX

Over the past few months, Bybit steadily expanding its service offerings. The Dubai-based crypto exchange was one of the several platforms to have been hit by incessant crypto winter last year that was exacerbated by the collapse of Sam Bankman-Fried’s crypto empire – FTX. As a result, it slashed 30% of its workforce.

The recovery has been quick as well. Following its staff layoff, which was part of its “reorganization” that aimed at “refocusing efforts, and reductions will be across the board,” Bybit doubled down on its global expansion efforts. This included its plans to offer users crypto lending services in May.

The exchange also 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). Prior to that, Bybit teamed up with Mastercard to offer a new debit card for cryptocurrency payments.

A recent analysis by Nansen revealed that the FTX crash in November 2022 dragged down the spot trading volumes of several CEXs including Bitfinex, Kucoin, Gate.io, and OKX. Bybit, however, was one of the exceptions which noted a 7% increase in its spot trading volume since the fateful event.

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