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Cryptocurrency trade Bybit has acquired a brand new license from the Cyprus Securities and Alternate Fee (CySEC) that can permit it to function a crypto trade and supply custody companies.
In response to the regulator registry, the license was awarded to UAB Onlychain Fintech Restricted, a Lithuanian firm, on Might 2023.
Formally introduced right this moment (Monday), the brand new license will permit Bybit to supply a full suite of companies, together with buying and selling between crypto pairs and fiat forex pairs, monetary companies associated to crypto property, and custody options.
“At Bybit, we wholeheartedly help the regulatory goal of constructing a cryptocurrency trade that’s each compliant, safe, and clear, in the end benefiting all these looking for monetary freedom,” stated Bybit’s co-founder and CEO, Ben Zhou.
“This landmark is a testomony to Bybit’s dedication to adhering to sturdy regulatory frameworks whereas increasing our world presence. We sit up for bringing the Crypto Ark to Cyprus.”
Bybit’s CySEC registration
Crypto Corporations Are Targeted on Laws
The Cypriot license got here lower than a month after Bybit acquired an ‘in-principle’ approval from the regulator in Kazakhstan to function within the nation. Earlier this yr, Bybit additionally opened its headquarters in Dubai, the place it acquired an ‘in-principal’ approval for a cryptocurrency license.
Bybit was initially established as a crypto derivatives trade. Nonetheless, it expanded companies by including spot buying and selling in 2021 and introduced choices buying and selling final yr. It has grow to be one of many high venues for sport and derivatives crypto trade, based on Coinmarketcap.
Though Bybit is pushing to grow to be a regulated crypto trade venue, it is usually going through backlash in some jurisdictions. Bybit is likely one of the many names that shuttered operations in Canada because of the nation’s stringent guidelines round crypto. Regulators in Spain and Japan additionally warned in opposition to Japan, calling it an unlawful crypto trade, Finance Magnates reported. It additionally exited the UK.
Whereas a number of high crypto exchanges made Cyprus their European base, some high ones at the moment are evaluating their choices. Binance not too long ago introduced its determination to deregister its Cyprus entity. The EU arm of FTX was additionally regulated in Cyprus. Nonetheless, its license was suspended following the fiasco within the FTX’s operations blew out.
Cryptocurrency trade Bybit has acquired a brand new license from the Cyprus Securities and Alternate Fee (CySEC) that can permit it to function a crypto trade and supply custody companies.
In response to the regulator registry, the license was awarded to UAB Onlychain Fintech Restricted, a Lithuanian firm, on Might 2023.
Formally introduced right this moment (Monday), the brand new license will permit Bybit to supply a full suite of companies, together with buying and selling between crypto pairs and fiat forex pairs, monetary companies associated to crypto property, and custody options.
“At Bybit, we wholeheartedly help the regulatory goal of constructing a cryptocurrency trade that’s each compliant, safe, and clear, in the end benefiting all these looking for monetary freedom,” stated Bybit’s co-founder and CEO, Ben Zhou.
“This landmark is a testomony to Bybit’s dedication to adhering to sturdy regulatory frameworks whereas increasing our world presence. We sit up for bringing the Crypto Ark to Cyprus.”
Bybit’s CySEC registration
Crypto Corporations Are Targeted on Laws
The Cypriot license got here lower than a month after Bybit acquired an ‘in-principle’ approval from the regulator in Kazakhstan to function within the nation. Earlier this yr, Bybit additionally opened its headquarters in Dubai, the place it acquired an ‘in-principal’ approval for a cryptocurrency license.
Bybit was initially established as a crypto derivatives trade. Nonetheless, it expanded companies by including spot buying and selling in 2021 and introduced choices buying and selling final yr. It has grow to be one of many high venues for sport and derivatives crypto trade, based on Coinmarketcap.
Though Bybit is pushing to grow to be a regulated crypto trade venue, it is usually going through backlash in some jurisdictions. Bybit is likely one of the many names that shuttered operations in Canada because of the nation’s stringent guidelines round crypto. Regulators in Spain and Japan additionally warned in opposition to Japan, calling it an unlawful crypto trade, Finance Magnates reported. It additionally exited the UK.
Whereas a number of high crypto exchanges made Cyprus their European base, some high ones at the moment are evaluating their choices. Binance not too long ago introduced its determination to deregister its Cyprus entity. The EU arm of FTX was additionally regulated in Cyprus. Nonetheless, its license was suspended following the fiasco within the FTX’s operations blew out.
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