Bybit, the third biggest crypto exchange in the world, is expanding its global presence. Today, the exchange announced that it has been granted a license to operate a cryptocurrency exchange in Cyprus and provide custody services for digital assets.
Expanding The Crypto Exchange’s Global Footprint
Bybit obtaining a license to operate in Cyprus is a strategic move to expand its global footprint. With this license, Bybit can now offer crypto exchange and custody services to customers in Cyprus and throughout the European Union.
These include trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions tailored to clients in Cyprus.
The company said in a statement:
Cyprus is recognized as a burgeoning hub for cryptocurrency activities, with a growing community of crypto enthusiasts and a favorable regulatory environment. Bybit recognizes the immense potential of the Cyprus market and is excited to bring its next-level reliability and opportunities to the local digital asset community.
Bybit now has operations and licenses in several major regions, including North America, Asia-Pacific, and now Europe
Growth For ByBit
Over the past few months, the exchange has been steadily experiencing growth and expanding its service offerings. Bybit’s user base has also skyrocketed. Last month, the company announced a 50% increase in its global user base, growing from 10 million users in Q3, 2022 to 15 million this year.
Bybit recently moved its headquarters to Dubai on April 18th as part of its mission to invest in the Middle East and North Africa (MENA) region, which is more welcoming of the crypto industry. Not long after, Bybit joined Binance and OKX in exiting the Canadian market, citing recent changes in regulatory policy.
The new headquarters is the latest in a series of milestones for Bybit as it cements its position as a leading crypto exchange. Dubai has become a hub for crypto and blockchain technology, so it’s an ideal location for a fast-growing crypto exchange like Bybit.
Bybit operations in Cyprus are going to be subject to the newly introduced Markets in Crypto Assets Regulation (MiCA) in the European Union.
However, Binance, a close crypto exchange peer of Bybit, recently a shocking move to deregister in Cyprus. Binance claims that it is exiting the Cyprus market in order to reevaluate its business strategy and ensure that it will be in full compliance with MiCA when it is eventually put into place within the next 18 months.
Total crypto market reaches $1.144 trillion as positive sentiment ramps up | Source: Total Crypto Market Cap on TradingView.com
Featured image from Yahoo Finance, chart from TradingView.com