Despite having a bad week as a result of the recent attack resulting in a $1.5B loss, Bybit has secured a win from the UAE’s securities and commodities authorities (SCA).
In a recent announcement, the leading Asia-based cryptocurrency exchange revealed it received In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE). This approval brings Bybit one step closer to receiving its full operational license in the UAE.
The In-Principle Approval (IPA) from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE) is a temporary approval that allows a company to move forward with its plans to operate as a Virtual Asset Platform Operator while meeting final regulatory requirements. It is not a full operating license but a significant step toward obtaining one.
During this stage, the company must complete additional steps, such as finalizing compliance procedures, setting up local operations, and ensuring it fully aligns with the UAE’s financial regulations.
Once these requirements are met, the SCA can grant a full operational license, allowing the company to provide its services legally in the UAE.
Bybit, a major cryptocurrency exchange, has been working to secure licenses in various countries to expand its operations legally. As of today, February 27, 2025, here’s what I can confirm about where Bybit has received licenses, based on available information.
Bybit has a license in Cyprus, granted by the Cyprus Securities and Exchange Commission (CySEC) back in June 2023. This granted them access to the European Union, enabling them to legally serve users across numerous EU countries.
In Kazakhstan, Bybit picked up a digital asset trading facility and custody license from the Astana Financial Services Authority (AFSA) in June 2023. The license gives them a foothold in the Commonwealth of Independent States (CIS) region.
Recently, Bybit registered with India’s financial regulator, the Financial Intelligence Unit (FIU-India), as of February 5, 2025. They paid a fine to settle past issues and expect a full operations license soon.
They’re also chasing a Markets in Crypto-Assets (MiCA) license in the EU to broaden their reach there, and they’ve got compliance in places like Hong Kong in the works, but those aren’t fully licensed yet.
Ben Zhou, the co-founder and CEO of Bybit, stated that the firm “remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”. “We are honored to have received the IPA from SCA,” he added.
Additionally, Bybit’s In-Principle Approval (IPA) from the UAE’s Securities & Commodities Authority (SCA) comes at a crucial time, especially after its recent security breach, after which he launched a bounty program to destabilize the attackers. The approval helps rebuild trust and credibility among users and investors.
