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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bybit Expands Global Presence With Cyprus Crypto License

Scott Matherson
Scott Matherson
1 year ago
2 mins read
ByBit exchange

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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.

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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. 

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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.

Crypto total market cap chart from TradingView.com (ByBit)

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

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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