Crypto exchange Bybit has secured regulatory approval to establish a platform in the UAE despite a recent major hack.
Approval from UAE
On February 27, Bybit announced it had received in-principle approval from the UAE’s Securities and Commodities Authority to establish itself as a virtual asset platform operator. This milestone positions the exchange to obtain full regulatory authorization to offer services to both retail and institutional investors.
Impact of the Major Hack
Just days earlier, on February 21, Bybit suffered a major hack resulting in a $1.4 billion loss. Despite being one of the largest hacks in crypto history, the platform remains operational.
Expanding into Other Markets
Beyond its efforts in the UAE, Bybit is expanding its presence in other countries including India, Georgia, Kazakhstan, and Turkey. The company recently announced its return to the Indian market after securing government registration.
Despite significant challenges such as the recent hack, Bybit is committed to its international market expansion and obtaining necessary regulatory approvals.
