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Bybit Secures Initial UAE Approval Despite Massive $1.4B Hack
Bybit has received initial approval from the UAE’s Securities and Commodities Authority (SCA), allowing it to operate as a virtual asset platform operator in the country. The exchange also said it is close to getting a full license.
Bybit’s co-founder and CEO, Ben Zhou, said the approval is important because it supports the company’s goal of offering safe and clear crypto trading tools. He also said they will keep working with regulators to build a well-regulated and modern digital asset market in the UAE. The CEO stated:
“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”
The exchange wrote in the official release that it will keep following global rules, including anti-money laundering (AML) and counter-terrorism financing (CFT) measures, to maintain a safe a
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