Bybit has acquired a cryptocurrency exchange and custody services license in Cyprus, as announced in a statement on Monday. This move, according to the Dubai-based company, underscores its dedication to complying with local regulations. It also strengthens the exchange’s presence within the European Union (EU) after facing regulatory scrutiny in Japan and exiting both Canada and the United Kingdom.
Ben Zhou, Bybit’s co-founder and CEO, emphasized the significance of this milestone, stating, “This achievement demonstrates Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global footprint. We fully support the regulatory goal of fostering a cryptocurrency industry that is not only compliant but also secure and transparent.”
In anticipation of the forthcoming Markets in Crypto Assets regulation (MiCA), companies in the European Union are making preparations. MiCA will enable them to serve the entire EU with a license from a single member state. Cyprus is among the EU member states implementing an advanced registration system ahead of MiCA’s scheduled implementation in 2024.
It’s worth noting that Cyprus was previously the location of FTX’s EU operations until its license was revoked following the abrupt collapse of the exchange in November. Binance has also recently sought to withdraw its status in Cyprus as part of an apparent regulatory consolidation effort in anticipation of MiCA.