Bybit gains Cyprus crypto license weeks after Binance withdrawal

Bybit can now officially operate as a crypto exchange and custody service in Cyprus after receiving a license from regulators on Monday. 

Crypto users in Cyprus, with a population of approximately 1.2 million, now have full access to the fourth largest centralized crypto exchange in the world by assets. Bybit trails the likes of Bitfinex, OKX and Binance, according to DeFiLlama data.

In a statement, Bybit explained that regulatory authorities in Cyprus are granting it the ability to “offer a full suite of services.” 

Bybit co-founder and CEO Ben Zhou said in a statement that he values compliance in the crypto industry, something that’s been cemented after striking a deal with Cyprus regulators. Bybit itself operates out of a headquarters in Dubai.

“We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,” Zhou said. 

“This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence.” Blockworks reached out to Bybit but didn’t receive an immediate response.

Cyprus has long aspired to be a crypto hub. The island nation, situated in the Mediterranean sea, tried to pass a bill to clarify policies on digital assets. The bill never became law, however, and was withdrawn in April 2023. 

This comes after Bybit pulled out of Canada in late May because of regulatory changes. Existing Canadian Bybit users won’t be able to deposit or trade on the platform in a little more than a month’s time.

Binance pulled out of Canada before Bybit but has also deregistered in Cyprus pending the implementation of European Union crypto regulations, under MiCA.

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