- Bybit exchange got approval from the UAE’s SCA and is close to a full license.
- It was hacked for $1.4 billion but handled the issue and keeps expanding.
- Bybit exchange is following rules in Europe but faces problems in Malaysia.
One of the world’s biggest crypto exchanges, Bybit exchange, has been given another license to operate in the UAE. The country’s Securities and Commodities Authority (SCA) has given an in-principle license to Bybit exchange, allowing it to progress to an all-out operational license.
It is the first time the SCA has sanctioned a virtual asset service provider with this clearance. Earlier, Bybit had received a similar approval from Dubai’s Virtual Asset Regulatory Authority (VARA) in 2024. The exchange is now in the final stages of obtaining full approval to provide crypto trading services in the region.
Bybit exchange Faced Major Security Breach but Stays Strong
This regulatory progress comes after Bybit recently faced a major security breach.The exchange was hacked for $1.4 billion on Feb. 21, and it is among the biggest crypto hacks ever.
The attack was ongoing since it was in the process of performing a transfer from its cold wallet to its hot wallet, but Bybit intervened in time due to the help of the worldwide crypto community. Bybit keeps striving to enhance its global presence even after this attack.
It has been acquiring regulatory licenses in India, Georgia, Kazakhstan, and Turkey. Bybit has just come back to India after it paid a $1 million fine to India’s Financial Intelligence Unit for unregistered business.
Adjustments in Europe and Regulatory Challenges
Bybit has also made changes in Europe to meet the requirements. In late 2024, the exchange temporarily restricted its services in the European Economic Area to comply with the Markets in Crypto-Assets (MiCA) regulations.
Yet, Bybit has been in the process of getting a MiCA license in Austria. In France, the regulator recently delisted Bybit from its list of noncompliant entities after previously blacklisting the exchange. But there are still challenges, as Malaysia’s Securities Commission requested that Bybit suspend operations in the country due to regulatory concerns.
Despite such volatility, Bybit is moving forward towards growth and regulation. With recent authorization in the UAE, the exchange is moving forward towards more digital asset products for retail and institutional investors.
Bybit CEO Ben Zhou noted that the company is dedicated to working with the regulators in attempting to build a safe and open trading platform.
Also read : U.S. Sets Up Bitcoin Reserve Under Trump
