Cyprus Grants Bybit a Right to Operate in the Country

Bybit believes the Cyprus crypto market has “immense potential.”

Bybit, a cryptocurrency exchange established in 2018, recently announced its successful acquisition of a license enabling it to function as a crypto exchange and custody service in Cyprus.

This development allows Bybit to offer crypto to fiat currency trading pairs and crypto-associated financial services.

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During a press release, Bybit’s CEO and Co-founder, Ben Zhou, highlighted the importance of broadening the organization’s global footprint. Zhou also pointed out to the role of cryptocurrencies in offering an alternative to conventional financial systems, stating: 

We are excited to introduce the Crypto Ark to Cyprus.

Bybit has acknowledged the “immense potential of the Cyprus market.” The newly received license is a testament to this belief and is expected to bolster the growth of the local cryptocurrency ecosystem.

So far, in 2023, Bybit has been actively working on expanding its services in various jurisdictions. At the end of May, the company received “in-principal” approval from Kazakhstan’s Astana Financial Services Authority (AFSA). However, shortly after, Bybit declared plans to abandon the Canadian crypto market.

In recent years, Cyprus has emerged as a prominent hub for cryptocurrency activities in the Mediterranean region, partly driven by public sector initiatives. Kyriacos Kokkinos, the Deputy Minister to the President for Research in 2022, asserted the country’s ambitions to become a focal point for innovative, disruptive technologies, including blockchain.

In a recent turn of events, crypto giant Binance declared its decision to deregister in Cyprus. Initially based in China, Binance now operates from various locations around the globe, including crypto-friendly regions like Dubai and Bahrain, abandoning Cyprus to concentrate on more extensive markets.

Bybit’s successful licensing in Cyprus symbolizes a notable leap forward in the crypto industry, emphasizing the Mediterranean island’s growing significance in the global cryptocurrency landscape.