Bybit gains Cyprus crypto license weeks after Binance withdrawal

The crypto exchange also recently expanded its services to Kazakhstan

article-image

DariaRen/Shutterstock modified by Blockworks

share

Bybit can now officially operate as a crypto exchange and custody service in Cyprus after receiving a license from regulators on Monday. 

Crypto users in Cyprus, with a population of approximately 1.2 million, now have full access to the fourth largest centralized crypto exchange in the world by assets. Bybit trails the likes of Bitfinex, OKX and Binance, according to DeFiLlama data.

In a statement, Bybit explained that regulatory authorities in Cyprus are granting it the ability to “offer a full suite of services.” 

Bybit co-founder and CEO Ben Zhou said in a statement that he values compliance in the crypto industry, something that’s been cemented after striking a deal with Cyprus regulators. Bybit itself operates out of a headquarters in Dubai.

“We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,” Zhou said. 

“This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence.” Blockworks reached out to Bybit but didn’t receive an immediate response.

Cyprus has long aspired to be a crypto hub. The island nation, situated in the Mediterranean sea, tried to pass a bill to clarify policies on digital assets. The bill never became law, however, and was withdrawn in April 2023. 

This comes after Bybit pulled out of Canada in late May because of regulatory changes. Existing Canadian Bybit users won’t be able to deposit or trade on the platform in a little more than a month’s time.

Binance pulled out of Canada before Bybit but has also deregistered in Cyprus pending the implementation of European Union crypto regulations, under MiCA.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

As Satoshi-era wallets saw over $8 billion worth of BTC on the move, Congress is gearing up for “Crypto Week”

article-image

Bitcoin’s runaway success was partly driven by Slashdot

article-image

Blockworks Research data shows that VC spending is back on the rise after a slow May

article-image

After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025

article-image

Sponsored

Plume’s collaboration with TRON will unlock cross-chain RWA yield for one of the world’s largest blockchain ecosystems

article-image

Who needs gold when you have taxes?