Bybit has successfully obtained regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus.

The announcement of this significant achievement underscores Bybit’s commitment to regulatory compliance and its dedication to offering users secure trading solutions.

Ben Zhou, the co-founder and CEO of Bybit, emphasized the company’s support for regulatory objectives in building a cryptocurrency industry that prioritizes compliance, security, and transparency.

By securing the license in Cyprus, Bybit aims to provide users with a regulated platform while expanding its presence in the European Union (EU).

This regulatory milestone for Bybit in Cyprus follows its decision to exit the Canadian and UK markets in response to increased global scrutiny on cryptocurrency exchanges.

Acquiring the license in Cyprus is a strategic move for Bybit as it prepares for the implementation of the Markets in Crypto Assets (MiCA) regulation within the EU.

The MiCA regulatory framework, approved by EU Finance ministers in May, is set to take effect in 2024. Bybit’s licensing in Cyprus positions the exchange to offer its services across the EU bloc.

Bybit’s recent approval to operate as a digital asset trading facility and custody provider in Kazakhstan further highlights the company’s expansion efforts.

The Astana Financial Service Authority (AFSA), which oversees the Astana International Financial Centre (AIFC), granted the license to Bybit, joining other prominent exchanges like Binance.