1. VASP License in Argentina
2. AML/CFT Compliance
3. Closure of Operations in France

Bybit has officially expanded its operations to Argentina as a licensed “Virtual Asset Service Provider (VASP) and card operator.”

VASP License in Argentina

Bybit announced that its VASP license, granted by Argentina’s Financial Intelligence Unit (FIU), will enable it to offer its full range of products in the region. Argentine crypto traders can now access Bybit’s spot and derivatives markets to trade cryptocurrencies like Bitcoin and Ethereum (ETH). Users will also have access to the exchange’s crypto-backed payment cards, providing Argentinians with new options for managing and spending their digital assets.

AML/CFT Compliance

Bybit emphasised that its offerings will fully comply with Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The exchange highlighted that its registration as a VASP and card issuer reflects Argentina’s progressive stance on regulating the crypto industry. In March, Argentina’s National Securities Commission (CNV) issued General Resolution No. 994/2024, requiring virtual asset service providers to adhere to the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorism financing (AML/CFT) recommendations.

Closure of Operations in France

Meanwhile, this announcement follows Bybit’s recent decision to cease operations in France due to new regulatory actions by French authorities. Effective August 2, French users have had their accounts restricted to “close-only” mode, prohibiting new positions or deposits. Users must close all open positions and withdraw their assets, with any remaining positions set for liquidation starting August 13. Bybit has also suspended card services for French clients, who can still withdraw their remaining funds. However, the exchange has revealed plans to re-enter the French market once it obtains the necessary regulatory licenses.

Securing the VASP license in Argentina represents a significant step for Bybit in expanding its crypto service offerings while adhering to local regulatory requirements.