Bybit Secures Provisional (Non-Operational) Approval from VARA, Marking a Key Milestone Toward Full Operational Approval in Dubai

DUBAI, United Arab Emirates, Sept 17, 2024—Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been granted a Provisional (Non-Operational) Approval for Virtual Asset Service Provider (VASP) license for Virtual Asset Exchanges services in Dubai for retail, qualified investors, and institutional users, cementing the relationship between Bybit and Dubai, the location of its global headquarters.

This license marks an essential milestone for Bybit in its journey towards securing full Operational Approval in Dubai and underscores Bybit’s commitment to compliance and adherence to VARA’s high standards. The licensing process is thorough and collaborative, reflecting VARA’s commitment to upholding a robust and innovative virtual assets ecosystem. Bybit engaged in a constructive dialogue with the regulator to meet the requirements for the Provisional Approval effectively.

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