Bybit Expands Global Presence With Cyprus Crypto License

Bybit, the world’s third largest crypto exchange, is expanding its global presence. Today, the exchange announced that it has been granted a license to operate a cryptocurrency exchange in Cyprus and provide custody services for digital assets.

Expanding Global Footprint of Crypto Exchanges

Obtaining a license to operate in Cyprus is a strategic move by Bybit to expand its global footprint. With this license, Bybit can now provide crypto exchange and custody services to customers in Cyprus and throughout the European Union.

These include trading between crypto pairs and fiat currency pairs, financial services related to crypto assets and tailored custody solutions for clients in Cyprus.

The company said in a statement:

With a growing community of crypto enthusiasts and a favorable regulatory environment, Cyprus is recognized as an emerging center for cryptocurrency activities. Bybit recognizes the immense potential of the Cyprus market and is excited to bring its next level of credibility and opportunity to the local digital asset community.

Bybit now has operations and licenses in several key regions including North America, Asia-Pacific and now Europe

Development for Bybit

Over the past few months, the exchange has been experiencing continuous growth and expanding its service offerings. Bybit’s user base has also skyrocketed. Last month, the company announced a 50% increase in its global user base, from 10 million users in the third quarter of 2022 to 15 million this year.

Bybit recently moved its headquarters to Dubai on April 18 as part of its mission to invest in the Middle East and North Africa (MENA) region, which is more welcoming to the crypto industry. Shortly after, Bybit joined Binance and OKEx in pulling out of the Canadian market, citing recent changes in regulatory policy.

The new headquarters is the latest in a series of milestones for Bybit as it solidifies its position as a leading crypto exchange. Dubai has become a hub for crypto and blockchain technology, so it is an ideal location for a fast-growing crypto exchange like Bybit.

Bybit operations in Cyprus are going to be subject to the newly introduced Markets in Crypto Assets Regulation (MiCA) in the European Union.

However, Bybit’s close crypto exchange peer, Binance, recently took the shocking step of canceling its registration in Cyprus. Binance claims it is exiting the Cyprus market in order to re-evaluate its business strategy and ensure it is in full compliance with MiCA when it is finally implemented within the next 18 months.

Total crypto market reaches $1.144 trillion as positive sentiment ramps up | Source: Total Crypto Market Cap on TradingView.com

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