Bybit becomes the first crypto platform to receive a full license from UAE's Securities and Commodities Authority, marking a significant milestone for its global operations.

Bybit, renowned as the world's second-largest cryptocurrency exchange by trading volume, has officially received a virtual asset platform operator license from the Securities and Commodities Authority in the United Arab Emirates. With this achievement, Bybit sets itself apart as the first digital currency trading platform to obtain such a comprehensive license from the authority.

This licensing enables Bybit to offer its global products and services in alignment with local regulatory frameworks.

The accomplishment highlights Bybit’s commitment to supporting its users by adhering to superior quality standards and providing top-notch products and services. This adherence is founded on rigorous compliance measures that extend beyond existing regulations in the UAE, aiming for a global standard. Furthermore, it embodies Bybit’s long-term strategy to solidify its market position while making digital currency trading accessible to users in local markets.

Ben Zhou, co-founder and CEO of Bybit, stated: "At Bybit, we believe that ambitious regulations and legislation form crucial pillars for sustainable growth. This achievement marks another step toward enhancing our global regulatory compliance-from acquiring the MiCAR digital asset market regulation license in Europe to resuming our operations in India-as we continue setting new benchmarks towards a responsible digital asset ecosystem that provides an exceptionally safe trading and investing environment."

Under this virtual asset platform operator license from the Securities and Commodities Authority, Bybit will offer services such as virtual asset trading, brokerage, custody solutions, and currency exchange between fiat and digital forms within a regulated framework targeting both individual customers and institutions across various regions of the UAE.

The platform plans to expand its local presence by establishing a larger regional hub for its operations in Abu Dhabi with over 500 employees distributed between Abu Dhabi and Dubai. Efforts are being made to expedite local recruitment in compliance, operations, and customer service roles. Moreover, Bybit intends to introduce educational programs along with web 3.0 innovation initiatives collaborating with local partners to enhance skill development and strengthen the country's digital economy ecosystem.