Bybit expands to Cyprus with a newly granted license
Bybit’s strategic expansion into Cyprus, marked by a newly secured license, highlights its commitment to compliance and fortifies its global presence amidst evolving crypto regulatory landscapes.
Bybit has acquired a license to operate as an exchange and custody service in Cyprus.
This major announcement comes on the heels of a complex regulatory environment in which Bybit has previously faced scrutiny in Japan and been compelled to withdraw services from Canada and the U.K.
Cyprus: an emerging crypto hotspot
Cyprus, the third most populous island in the Mediterranean with 1.2 million residents, is steadily growing into a crypto nucleus. The country’s intention to become a hub for new disruptive technologies, including blockchain, has helped draw attention from crypto enterprises around the globe.
Ben Zhou, co-founder and CEO of Bybit, expressed his excitement:
“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 move by Bybit comes in the wake of Cyprus’s shifting stance towards crypto. The country, which a decade ago saw its central bank issuing warnings against cryptocurrencies, now openly embraces blockchain technologies. It even shared its Distributed Ledger Technology Bill in 2021, illustrating a more inclusive regulatory environment.
Bybit’s strategic move
Bybit’s decision to expand into Cyprus is timely and tactically astute.
As Binance, the crypto industry behemoth, recently announced it would deregister in Cyprus, Bybit is poised to fill this vacuum, making significant inroads into the Cyprus market, which it recognizes as having “immense potential.”
Moreover, with the newly approved license, Bybit is ready to strengthen its presence in the European Union (EU). As the EU prepares for new rules under the Markets in Crypto Assets regulation (MiCA), Cyprus proactively introduces an advanced registration regime before MiCA comes into effect in 2024.