Bybit obtains VARA licence for exchange services in Dubai
Bybit announced that Bybit Fintech FZE has secured a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA) for Exchange Services, covering spot trading.
The licence marks an important milestone in Bybit’s presence in Dubai, where the company established its international headquarters in 2022. It also supports Bybit’s continued efforts to build its business within established regulatory frameworks and contribute to the development of Dubai’s digital asset industry.
“Dubai has made significant progress in building a regulatory environment for virtual assets, and we are pleased to take this next step in our journey here,” said Ben Zhou, Co-founder and CEO at Bybit. “We look forward to continuing our work in Dubai, supporting the local digital asset community and building our business in line with the standards set by VARA.”
“Securing this licence is a significant step forward for Bybit. We have great respect for VARA’s work in establishing a clear and robust framework for virtual assets,” said Peter Loo, Chief Legal and Compliance Officer at Bybit. “A healthy digital asset market needs strong oversight, sound risk management and a commitment to protecting users. We look forward to continuing our work with VARA as we grow our business in Dubai. In time, we also hope to expand our licensed activities to include derivatives, subject to the necessary regulatory approvals. Derivatives are a major part of Bybit’s global trading business, and we want to bring more of our offering to Dubai through the appropriate regulatory process.”
For Bybit, the licence is part of a broader effort to build its business in each market in line with local requirements. The company continues to invest in compliance, security and risk management as it develops products and services for users across different jurisdictions.
The licence marks an important milestone in Bybit’s presence in Dubai, where the company established its international headquarters in 2022. It also supports Bybit’s continued efforts to build its business within established regulatory frameworks and contribute to the development of Dubai’s digital asset industry.
“Dubai has made significant progress in building a regulatory environment for virtual assets, and we are pleased to take this next step in our journey here,” said Ben Zhou, Co-founder and CEO at Bybit. “We look forward to continuing our work in Dubai, supporting the local digital asset community and building our business in line with the standards set by VARA.”
“Securing this licence is a significant step forward for Bybit. We have great respect for VARA’s work in establishing a clear and robust framework for virtual assets,” said Peter Loo, Chief Legal and Compliance Officer at Bybit. “A healthy digital asset market needs strong oversight, sound risk management and a commitment to protecting users. We look forward to continuing our work with VARA as we grow our business in Dubai. In time, we also hope to expand our licensed activities to include derivatives, subject to the necessary regulatory approvals. Derivatives are a major part of Bybit’s global trading business, and we want to bring more of our offering to Dubai through the appropriate regulatory process.”
For Bybit, the licence is part of a broader effort to build its business in each market in line with local requirements. The company continues to invest in compliance, security and risk management as it develops products and services for users across different jurisdictions.