Bybit has obtained a license to operate a crypto exchange and provide custody services in Cyprus. The license will allow Bybit to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions for clients in Cyprus and EU member states.
What is the Significance of Bybit’s License in Cyprus?
Bybit’s license to operate a crypto exchange and provide custody services in Cyprus is a crucial milestone for its global expansion roadmap while adhering to robust regulatory frameworks. Bybit’s co-founder and CEO Ben Zhou stated that the platform “wholeheartedly” supports the regulatory objective of building a compliant, secure, and transparent crypto industry, ultimately benefiting all those seeking financial freedom.
What Other Expansions Has Bybit Made Recently?
Bybit has been expanding its service offerings over the past few months. The Dubai-based crypto exchange recently received “in-principle” approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). Bybit also teamed up with Mastercard to offer a new debit card for cryptocurrency payments. The exchange also plans to offer users crypto lending services in May.
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