Bybit, a prominent crypto exchange, has recently obtained a license to operate in Cyprus. This move comes as Binance, the world’s largest cryptocurrency exchange, decided to deregister its Cyprus unit. This happens as regulatory pressure on the cryptocurrency industry intensifies, and exchanges are facing increased evaluation, However, Bybit’s acquisition of the license not only demonstrates its commitment to global expansion but also grants it access to the thriving European market.
Bybit’s License Acquisition and Expansion in Cyprus
On June 26, Bybit proudly announced the successful acquisition of a license allowing the operation of a crypto exchange and provision of custody services in Cyprus. With this development, Bybit aims to bolster its presence in the European market, which holds immense potential for growth and adoption of cryptocurrencies.
The license empowers Bybit to offer a comprehensive range of services, including the facilitation of trading between cryptocurrencies and fiat currencies. Furthermore, it enables Bybit to provide financial services and tailored custody solutions to clients not only in Cyprus but also in other European Union (EU) member states.
Compliance with MiCA Regulations
Bybit’s expansion into Cyprus aligns with the forthcoming regulations known as Markets in Crypto Assets (MiCA). These regulations impose new compliance requirements on crypto exchanges operating within the EU. One such requirement is registration in an EU member state like Cyprus.
By successfully securing the Cyprus license, Bybit positions itself strategically to continue operating within Europe once MiCA comes into effect. Demonstrating its commitment to regulatory compliance, Bybit embraces the objective of establishing a compliant, secure, and transparent cryptocurrency industry that benefits all individuals seeking financial freedom.
Ben Zhou, co-founder, and CEO of Bybit expressed the company’s support for the regulatory objective of building a compliant cryptocurrency industry. Zhou stated,
“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.”
Bybit’s proactive approach and dedication to compliance reflect its commitment to fostering a sustainable and trusted crypto ecosystem.
Seizing Opportunities from Binance’s Deregistration
Bybit’s strategic entry into the Cyprus market has sparked interest due to its timing. On June 14, 2023, Binance’s Cyprus unit actively sought removal from Cyprus’ register of crypto asset service providers.
Binance stated that this move aimed to prioritize its larger European businesses in preparation for the imminent rollout of the EU’s crypto asset regulations, known as MiCA. While Binance’s deregistration created a void in the Cyprus market, it also presented lucrative opportunities for other exchanges, including Bybit, to step forward and fill the void with their comprehensive services.
Bybit, recognizing the favorable circumstances arising from Binance’s decision, swiftly positioned itself to capitalize on this market gap. By securing a license to operate in Cyprus, Bybit gained a strategic advantage, enabling the exchange to meet the rising demand for reliable and compliant crypto services.
As Bybit enters the Cyprus market, it brings with it a range of innovative features and a customer-centric approach. Bybit’s entry offers traders a reliable platform equipped with cutting-edge technology, efficient trade execution, and exceptional customer support. Bybit aims to establish itself as the go-to exchange in Cyprus, providing traders with a secure and user-friendly environment.
About Bybit
Bybit is a cryptocurrency exchange that was founded in March 2018. It aims to provide a professional platform for crypto traders, offering them an ultra-fast matching engine, top-notch customer service, and multilingual community support.
The company caters to both retail and institutional clients globally, providing innovative online spot and derivatives trading services, mining and staking products, as well as API support. Bybit is committed to becoming the most trusted exchange for the growing digital asset market. The founder and CEO of Bybit, Ben Zhou, previously worked at XM, one of the world’s largest forex and CFD trading brokerage firms.
Final Thought
Bybit’s recent acquisition of a license to operate in Cyprus marks a significant milestone in its global expansion strategy. The license not only provides Bybit access to the burgeoning European market but also positions the crypto exchange to comply with upcoming MiCA regulations. Bybit’s proactive approach to regulatory compliance, as well as its ability to seize opportunities resulting from Binance’s deregistration, demonstrate its commitment to providing compliant and secure cryptocurrency services. As Bybit continues to expand its operations, it aims to contribute to the development of a robust and transparent cryptocurrency industry that benefits users worldwide.