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 The bill never became law, however, and was withdrawn in April 2023.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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.