EddieJayonCrypto
28 Feb 25
Bybit has obtained in-principle approval from the United Arab Emirates’ Securities & Commodities Authority (SCA) to establish itself as a Virtual Asset Platform Operator in the region. This marks a significant step towards obtaining a full operational license in the UAE. Bybit's co-founder and CEO, ...
Bybit has obtained in-principle approval from the United Arab Emirates’ Securities & Commodities Authority (SCA) to establish itself as a Virtual Asset Platform Operator in the region. This marks a significant step towards obtaining a full operational license in the UAE. Bybit's co-founder and CEO, Ben Zhou, expressed optimism about the approval and the company's commitment to providing secure and transparent crypto trading solutions. This development aligns with the UAE's efforts to position itself as a crypto and blockchain innovation leader. Meanwhile, Bybit has made progress in India as well, successfully registering with India’s Financial Intelligence Unit (FIU) which allowed it to resume full operations after a temporary suspension due to compliance issues. Bybit also faces scrutiny in Japan after the country's Financial Services Agency urged major app stores to delist Bybit and other unregistered crypto exchanges due to concerns over unlicensed operations and potential risks to investors. Additionally, Bybit experienced a significant security breach, with over $1.4 billion being withdrawn from its platform, reportedly due to the actions of North Korea’s Lazarus Group. Despite this, Bybit reassured users that all funds remained secure and fully backed and launched a crisis management strategy to recover stolen assets. This increasing regulatory scrutiny from different countries demonstrates the challenges and complexities faced by cryptocurrency platforms as they seek to operate within various jurisdictions.