Bybit Receives Second In-Principle License Approval from UAE

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has received its second-in-principle license approval to operate a virtual assets exchange platform. This time, it’s from the UAE regulatory authority, the Securities and Commodities Authority (SCA). This marks the first time SCA has granted in-principle approval to a VASP operator.

This is the second in-principle approval (IPA) after Bybit received its first one from Dubai’s Virtual Asset Regulatory Authority (VARA) back in 2024. The IPA will allow Bybit to set up a virtual asset platform operation within the UAE.

UAE’s Securities and Commodities Authority (SCA) Grants Bybit IPA

According to a press release, Bybit is in the final steps to receive its full operational license soon. This significant milestone advances the exchange’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region. The authorization moves Bybit closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE.

Ben Zhou, Co-founder and CEO of Bybit, stated, “We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem for both retail and institutional investors in the UAE.”

This announcement follows a recent incident where the Lazarus Group hacked Bybit for $1.4 billion. The exchange quickly managed the situation with the help of the global crypto exchange community.