Bybit receives IPA license in UAE from SCA
Bybit, one of the world’s leading cryptocurrency exchanges, has taken another significant step toward full operational status by receiving an IPA license from the UAE’s Securities and Commodities Authority (SCA).
This latest approval, marking the second regulatory nod for Bybit in the region, comes as the exchange nears the final stages of obtaining its comprehensive operational license, Сryptopolitan informs.
Key facts and developments
The IPA license enables Bybit to expand its range of services and reinforces its commitment to operating within the regulatory framework established by the UAE. Under this program, Bybit is now authorized to offer a broader suite of trading services, with the license serving as a critical milestone in its regulatory journey.
Notably, only verified users from eligible regions can benefit from the platform’s enhanced offerings, ensuring that Bybit continues to meet rigorous compliance standards.
This latest approval builds on Bybit’s previous regulatory successes and reflects the company’s proactive approach in navigating an increasingly complex global regulatory environment. Bybit’s management has indicated that the IPA license is a precursor to its full operational license, expected to be finalized in the coming months.
Ben Zhou, Co-founder and Bybit CEO, said, "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."
Context and implications
In addition to its regulatory strides, Bybit has demonstrated resilience amid challenging times. The exchange recently faced turmoil following a high-profile incident involving the Lazarus Group, which managed to hack the platform for approximately $1.4 billion.
However, with the support of the global crypto exchange community, Bybit swiftly contained the situation and took steps to reinforce its security measures. This ability to overcome significant challenges has not only bolstered market confidence but also positioned Bybit as a reliable player in the volatile crypto sector.
As a reminder, we reported earlier that Bybit CEO confirms all withdrawals are being processed.
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