June 26, 2023 10:18 AM | 2 min read
Bybit has secured a license to operate a crypto exchange and provide custody services in Cyprus.
The license, granted by Cyprus’s regulatory authorities, enables Bybit to provide trading between crypto pairs and fiat currency pairs, along with financial services related to crypto assets, and custody solutions for clients.
Bybit CEO Ben Zhou expressed his support for the regulatory objective of building a compliant, secure, and transparent cryptocurrency industry.
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“This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus,” he said.
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EU businesses are gearing up for the implementation of a new regulation called the Markets in Crypto Assets (MiCA).
This regulation will enable them to cater to the entire EU region with a license obtained from just one member state.
Cyprus, an EU member, is increasingly becoming a hotspot for cryptocurrency activities, with a growing community of crypto enthusiasts and a supportive regulatory environment. It’s also among the first to launch a pre-registration system ahead of MiCA’s enforcement in 2024.
Bybit aims to tap into the potential of the Cyprus market and provide reliable services and opportunities to the local digital asset community.
Previously, Cyprus served as the base for FTX‘s (CRYPTO: FTT) European division, until its license was revoked in the wake of the exchange’s sudden downfall in November.
Binance (CRYPTO: BNB), another major player in the crypto market, has recently expressed intentions to relinquish its status in Cyprus, seemingly as part of a strategic regulatory reorganization in anticipation of MiCA.
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