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Leading cryptocurrency exchange Bybit is continuing to broaden its operations following the successful acquisition of a license in Cyprus.
The newly obtained license from the regulatory bodies in the island nation will enable Bybit to provide a comprehensive range of services. This encompasses trading between cryptocurrency pairs and fiat currency pairs, financial services associated with crypto assets, and custody solutions tailored specifically for clients in Cyprus and EU member nations.
Cyprus Expansion
As stated in the official press release distributed to CryptoPotato, Bybit’s acquisition of a license to function as a crypto exchange and deliver custody services in Cyprus marks a significant achievement in its global expansion strategy while complying with stringent regulatory standards.
In response to this development, Bybit’s co-founder and CEO Ben Zhou remarked that the platform “fully” endorses the regulatory aim of fostering a crypto industry that is compliant, secure, and transparent, ultimately serving the interests of all individuals pursuing financial independence.
Bybit’s announcement states:
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“Cyprus is acknowledged as an emerging center for cryptocurrency activities, featuring a growing community of crypto enthusiasts and a supportive regulatory landscape. Bybit sees the substantial potential of the Cyprus market and is eager to deliver its advanced reliability and opportunities to the local digital asset community.”
The license was granted a month after Bybit announced its exit from the Canadian market. The company cited a challenging regulatory landscape in the country as the reason for its decision, following new guidance issued by the Canadian Securities Administrators (CSA) that required crypto platforms to secure approval from the regulator.
Bybit Review: Post FTX
In recent months, Bybit has been consistently expanding its service offerings. The Dubai-based crypto exchange was among several platforms affected by the prolonged crypto winter last year, which was intensified by the downfall of Sam Bankman-Fried’s crypto empire – FTX. Consequently, it reduced its workforce by 30%.
The recovery has been swift. After the staff reductions, which were part of a “reorganization” aimed at “refocusing efforts, with cuts across the board,” Bybit intensified its global expansion initiatives. This included plans to introduce crypto lending services to users in May.
The exchange also received an “in-principle” approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to function as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). Prior to this, Bybit collaborated with Mastercard to launch a new debit card for cryptocurrency transactions.
A recent analysis by Nansen indicated that the FTX collapse in November 2022 led to a decline in spot trading volumes for several centralized exchanges, including Bitfinex, Kucoin, Gate.io, and OKX. However, Bybit was one of the exceptions, experiencing a 7% increase in its spot trading volume since the incident.
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