Bybit’s move is in stark contrast with that of the leading crypto exchange, Binance. Earlier this month, Binance announced it would cease its operations in Cyprus.
Crypto exchange Bybit has obtained a license from the Cyprus Securities and Exchange Commission (CySEC) to operate a crypto exchange and provide custody services in the island nation. Bybit announced the news on Monday, June 26, stating that it will offer a full suite of services to its Cyprus customers. This will include trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions tailored to clients’ needs.
Bybit: Committed to Compliance
Securing the new crypto license underscores Bybit’s commitment to compliance and regulatory oversight in the crypto industry. The Dubai-based exchange has implemented enhanced KYC and AML procedures. It also obtained the ISO 27001:2013 certification for its robust security management system and launched a real-time, on-chain proof-of-reserves feature with a purpose-built Merkle tree.
Bybit’s Cyprus license approval will enhance its reputation as a trusted and regulated platform within the crypto ecosystem. After exiting Canada and the UK, the license will also boost its user base and trading volume in Europe.
Cyprus’ Burgeoning Crypto Interest
Meanwhile, Bybit’s license approval coincides with increased interest in blockchain and crypto technologies by the Cyprus government. Instead of waiting for the MiCA bill, Cyprus recently introduced an advanced registration for crypto entities pending the time. The country unveiled its Distributed Ledger Technology Bill to provide a legal framework for blockchain-based applications and services. Likewise, former Deputy Minister to the President for Research, Innovation, and Digital Policy of Cyprus, Kyriacos Kokkinos, stated that the country would become a hub for new disruptive technologies.
Interestingly, Bybit’s move is in stark contrast with that of the leading crypto exchange Binance. Earlier this month, Binance announced it would cease its operations in Cyprus. Binance had been operating in Cyprus since 2018 but opted to leave amid increased regulatory scrutiny.
Bybit’s co-founder and CEO, Ben Zhou, expressed his excitement about introducing the ‘Crypto Ark’ to Cyprus. According to Zhou, Cyprus holds immense potential for crypto enthusiasts with its favorable regulatory environment. “Bybit recognizes the immense potential of the Cyprus market and is excited to bring its next-level reliability and opportunities to the local digital asset community,” Zhou said.
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
