Despite being caught in the middle of a massive controversy, post the $1.4 billion hack, Bybit has announced securing an In-Principle Approval (IPA) in the UAE.
The Securities and Commodities Authority (SCA) of the UAE gave Bybit the green light to launch its Virtual Asset Platform.
According to the company statement, the company is also in the final steps to receive its fully operational license soon.
🇦🇪 #Bybit Secures Second In-Principle Approval in UAE
Key Points:🏛️ Bybit receives its second in-principle approval from the UAE's Securities and Commodities Authority (SCA).
🌐 This follows an earlier approval from Dubai's Virtual Asset Regulatory Authority (VARA) in 2024.…
— Crypto Spot (@Crypto1spot) February 27, 2025
Company Targets Retail And Institutional Investors In UAE
On 27 February 2025, the company said, “This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.”
“We are honoured to have received the IPA from SCA,” said Ben Zhou, Co-founder and CEO of Bybit. “This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”
“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE,” he added.
The company is looking at the UAE as an emerging global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks. Bybit is looking to bridge traditional finance with digital assets in the region.
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Bybit Expands To Kazakhstan, India, Austria
Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey.
Bybit has announced plans to obtain regulatory licensing in Austria as part of its strategy to expand into new markets while adhering to local compliance standards. The exchange said it is committed to aligning its operations with regional regulations to foster growth in the European market.
Furthermore, the company is offering Teslas, Rolex watches and more to increase user base on their platform in Kazakhstan. These offers are currently live. Bybit, through these offers, aims to get people interested in digital assets and enhance their investor journey by giving them a chance to win big at the start of their crypto investment career.
Commenting on the rather generous and unusual offer, Joan Han, Sales and Marketing director at Bybit said, “We’re excited to offer both the crypto community in Kazakhstan an opportunity to get onboard the Bybit trading journey.”
Early this month, India’s Financial Intelligence Unit (FIU) imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on the company for violating the Prevention of Money Laundering Act. Bybit experienced a temporary halt of trading activities in India. However, the company has since reported completing all its licensing work. It also paid its penalty amount in full. The steps led to the successful unblocking of its website in India. It is now up and running.
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