Bybit, one of the world’s leading cryptocurrency exchanges, has announced receiving In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates to establish a Virtual Asset Platform. This approval, dated February 18, 2025, propels Bybit closer to a fully operational status in the UAE, enhancing its ability to serve both retail and institutional clients within the region.
The IPA signifies a pivotal step for Bybit, reflecting its commitment to adhere to the UAE’s stringent regulatory and compliance standards. Bybit is also nearing the final stages of obtaining its fully operational license, which will enable it to offer a comprehensive range of digital asset services in the UAE.
Bybit’s CEO, Ben Zhou, expressed gratitude and determination following the approval: “We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.” He emphasized Bybit’s dedication to collaborating with regulatory bodies to promote a compliant and innovative digital asset ecosystem in the UAE.
The UAE is recognized as a leading hub for cryptocurrency and blockchain innovation, thanks to its progressive regulatory frameworks. These frameworks align well with Bybit’s vision of integrating traditional finance with digital assets. The exchange is committed to adhering to global compliance standards, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols, ensuring a safe trading environment for its users.
Expanding Global Presence: About Bybit
Beyond the UAE, Bybit continues to secure regulatory approvals across various key jurisdictions, including India, Georgia, Kazakhstan, and Turkey. These approvals are part of Bybit’s strategy to expand its global footprint while maintaining high security and compliance standards. This expansion supports Bybit’s mission to redefine openness in the decentralized world, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi).
Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume and serves a global community of over 60 million users. The platform is at the forefront of the Web3 revolution, partnering strategically with leading blockchain protocols to provide robust infrastructure and support on-chain innovation. Known for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit plays a crucial role in empowering builders, creators, and enthusiasts to explore the full potential of Web3.
This latest development in the UAE is not just a win for Bybit but also for the broader digital asset community, signaling continued growth and acceptance of cryptocurrency platforms in major financial hubs worldwide. Discover more about Bybit and its services at Bybit.com.
