Cryptocurrency exchange Bybit has received a license that allows it to operate as an exchange and provide crypto custody services in Cyprus, the company said in a press release on 26 June.
According to the announcement, the newly acquired license will allow Bybit — the world’s third most visited crypto exchange — to offer crypto-related financial services and trading between crypto and fiat pairs to the citizens of Cyprus. The company noted that the move not only helped it expand its global presence, but also show its commitment to compliance with local rules. Bybit co-founder and CEO Ben Zhou said in a statement:
“At Bybit, 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. 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.”
Being the third most populous island in the Mediterranean Sea with a population of 1.2 million people, Cyprus is slowly gaining a reputation as a crypto hotspot in the area. It is also one of the few European Union member to introduce an advance registration regime for crypto before the EU’s MiCA legislation — which aims to create a consistent regulatory framework for crypto among the EU member states — goes into force.
The new license was acquired less than a month after Bybit announced it will be exiting the Canadian market due to “recent regulatory development”. The Dubai-headquartered firm was not the first to revealed it was moving away from Canada, with cryptocurrency exchange OKX and Binance having already announced their exit from the country.