Bybit, the world's second-largest cryptocurrency exchange by trading volume, has received its second in-principle license to operate in the UAE from the Securities and Commodities Authority (SCA).
New License from SCA
Bybit has become the first virtual asset exchange platform to receive in-principle approval from the SCA. This license will allow Bybit to establish a virtual asset platform operation within the UAE.
Bybit's Previous Achievements
This is the second in-principle approval for Bybit after receiving its first license from Dubai’s Virtual Asset Regulatory Authority (VARA) in 2024. This approval creates opportunities for a broad range of digital asset services.
Company Remarks
Bybit's Co-founder and CEO Ben Zhou stated, “We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”
Receiving the second in-principle license underscores Bybit's commitment to expanding and strengthening its presence in key regions for cryptocurrency trading.
