Bybit Secures Crypto Exchange License in Cyprus: Get Secure Trading Now!

• Bybit has been granted a cryptocurrency exchange and custody license in Cyprus.
• The company’s license is a step towards regulatory compliance before the MiCA regulation is put into effect.
• Bybit has also received approval to operate as a trading facility and custody provider in Kazakhstan.

Bybit Secures Crypto Exchange License in Cyprus

Bybit, a Dubai-based crypto platform, has secured regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus. This comes as exchanges prepare for the coming Markets in Crypto Assets (MiCA) regulation, which is expected to take effect in 2024. Ben Zhou, co-founder and CEO of Bybit, commented: “At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent”.

Canadian Market Exit

The licensing milestone follows Bybit’s exit from the Canadian market due to global scrutiny on crypto exchanges. The company aims to strengthen its presence in the European Union by obtaining this license.

Kazakhstan Licensing

Earlier this month, Bybit received official approval to operate as a digital asset trading facility and custody provider in Kazakhstan from Astana Financial Service Authority (AFSA). Binance was recently granted with this same licensing from AFSA.

Benefits of MiCA Regulation

The MiCA regulation will bring numerous benefits for users such as increased security measures and transparency when it comes to crypto trading activities across different EU member states. It will also provide legal certainty for authorities and companies operating within the space while further protecting consumers against potential risks associated with gambling or frauds related to cryptocurrencies investments.

Conclusion

By securing licenses from both Cyprus and Kazakhstan, Bybit continues its commitment towards compliance with regulations while providing users access to secure trading solutions across different countries around the world including Canada, Kazakhstan, UAE, etc.. With all these licenses in place, users can expect greater transparency when it comes to their crypto investments as well as more protection against potential risks associated with them.