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Major crypto exchange Bybit continues to expand its operations after successfully obtaining a license in Cyprus.
The newly acquired license from regulatory authorities in the island nation will allow Bybit to offer a full suite of services. This includes trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and specially tailored custody solutions for clients in Cyprus and EU member states.
Cyprus extension
As per the official press release shared with crypto potatoBybit receiving the license to operate a crypto exchange and provide custody services in Cyprus is an important milestone for its global expansion roadmap while adhering to a robust regulatory framework.
Commenting on the development, Bybit co-founder and CEO Ben Zhou said the platform “wholeheartedly” supports the regulatory objective of building a crypto industry that is both compliant, secure and transparent, ultimately providing financial freedom seekers. benefits all people.
Bybit’s statement reads:
“With a growing community of crypto enthusiasts and a favorable regulatory environment, Cyprus is recognized as an emerging hub for cryptocurrency activities. Bybit recognizes the huge potential of the Cyprus market and is excited to bring its next level of credibility and opportunity to the local digital asset community.
The license comes a month after Bybit said it would exit the Canadian market. The company cited a challenging regulatory environment in the country as the reason behind its decision after the Canadian Securities Administrators (CSA) issued new guidelines for crypto entities, forcing the platform to seek approval from the regulator.
Bybit Review: Post FTX
Over the past few months, Bybit has been steadily expanding its service offerings. The Dubai-based crypto exchange was one of the many platforms hit by the ongoing crypto winter last year, which was further exacerbated by the collapse of Sam Bankman-Fried’s crypto empire – FTX. As a result, it reduced 30% of its workforce.
Recovery has also happened faster. After laying off its staff, which was part of its “restructuring” aimed at “refocusing efforts, and the cuts will be across the board”, Bybit doubled down on its global expansion efforts. This included its plan to offer crypto loan services to users in May.
The exchange also received “in-principle” approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody service provider at the Astana International Financial Center (AIFC). Before that, Bybit teamed up Mastercard will introduce a new debit card for cryptocurrency payments.
A recent analysis by Nansen showed that the FTX crash in November 2022 pulled down spot trading volumes on several CEXs, including Bitfinex, KuCoin, Gate.io and OKEx. However, Bybit was one of the exceptions, reporting a 7% increase in its spot trading volume since that unfortunate incident.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Major crypto exchange Bybit continues to expand its operations after successfully obtaining a license in Cyprus.
The newly acquired license from regulatory authorities in the island nation will allow Bybit to offer a full suite of services. This includes trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and specially tailored custody solutions for clients in Cyprus and EU member states.
Cyprus extension
As per the official press release shared with crypto potatoBybit receiving the license to operate a crypto exchange and provide custody services in Cyprus is an important milestone for its global expansion roadmap while adhering to a robust regulatory framework.
Commenting on the development, Bybit co-founder and CEO Ben Zhou said the platform “wholeheartedly” supports the regulatory objective of building a crypto industry that is both compliant, secure and transparent, ultimately providing financial freedom seekers. benefits all people.
Bybit’s statement reads:
“With a growing community of crypto enthusiasts and a favorable regulatory environment, Cyprus is recognized as an emerging hub for cryptocurrency activities. Bybit recognizes the huge potential of the Cyprus market and is excited to bring its next level of credibility and opportunity to the local digital asset community.
The license comes a month after Bybit said it would exit the Canadian market. The company cited a challenging regulatory environment in the country as the reason behind its decision after the Canadian Securities Administrators (CSA) issued new guidelines for crypto entities, forcing the platform to seek approval from the regulator.
Bybit Review: Post FTX
Over the past few months, Bybit has been steadily expanding its service offerings. The Dubai-based crypto exchange was one of the many platforms hit by the ongoing crypto winter last year, which was further exacerbated by the collapse of Sam Bankman-Fried’s crypto empire – FTX. As a result, it reduced 30% of its workforce.
Recovery has also happened faster. After laying off its staff, which was part of its “restructuring” aimed at “refocusing efforts, and the cuts will be across the board”, Bybit doubled down on its global expansion efforts. This included its plan to offer crypto loan services to users in May.
The exchange also received “in-principle” approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody service provider at the Astana International Financial Center (AIFC). Before that, Bybit teamed up Mastercard will introduce a new debit card for cryptocurrency payments.
A recent analysis by Nansen showed that the FTX crash in November 2022 pulled down spot trading volumes on several CEXs, including Bitfinex, KuCoin, Gate.io and OKEx. However, Bybit was one of the exceptions, reporting a 7% increase in its spot trading volume since that unfortunate incident.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
