Bybit Expands Global Presence With Cyprus Crypto License

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Bybit, the third largest crypto alternate on the earth, is increasing its international presence. Right now, the alternate introduced that it has been granted a license to function a cryptocurrency alternate in Cyprus and supply custody providers for digital belongings.

Increasing The Crypto Alternate’s International Footprint

Bybit acquiring a license to function in Cyprus is a strategic transfer to develop its international footprint. With this license, Bybit can now provide crypto alternate and custody providers to prospects in Cyprus and all through the European Union.

These embody buying and selling between crypto pairs and fiat forex pairs, monetary providers associated to crypto belongings, and custody options tailor-made to purchasers in Cyprus.

The corporate mentioned in an announcement:

Cyprus is acknowledged as a burgeoning hub for cryptocurrency actions, with a rising group of crypto fanatics and a positive regulatory atmosphere. Bybit acknowledges the immense potential of the Cyprus market and is happy to deliver its next-level reliability and alternatives to the native digital asset group.

Bybit now has operations and licenses in a number of main areas, together with North America, Asia-Pacific, and now Europe

Progress For ByBit

Over the previous few months, the alternate has been steadily experiencing development and increasing its service choices. Bybit’s person base has additionally skyrocketed. Final month, the corporate introduced a 50% improve in its international person base, rising from 10 million customers in Q3, 2022 to fifteen million this 12 months.

Bybit lately moved its headquarters to Dubai on April 18th as a part of its mission to spend money on the Center East and North Africa (MENA) area, which is extra welcoming of the crypto trade. Not lengthy after, Bybit joined Binance and OKX in exiting the Canadian market, citing latest modifications in regulatory coverage.

The brand new headquarters is the newest in a sequence of milestones for Bybit because it cements its place as a number one crypto alternate. Dubai has change into a hub for crypto and blockchain know-how, so it’s a really perfect location for a fast-growing crypto alternate like Bybit.

Bybit operations in Cyprus are going to be topic to the newly launched Markets in Crypto Belongings Regulation (MiCA) within the European Union.

Nevertheless, Binance, a detailed crypto alternate peer of Bybit, lately a stunning transfer to deregister in Cyprus. Binance claims that it’s exiting the Cyprus market to be able to reevaluate its enterprise technique and be sure that it is going to be in full compliance with MiCA when it’s ultimately put into place throughout the subsequent 18 months.