Bybit Becomes First Crypto Exchange With Complete UAE Regulatory Approval

Core Insights - Bybit has secured a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the UAE, becoming the first crypto exchange to receive full licensing in the region [1][2]. Company Expansion - Bybit plans to offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to retail and institutional clients in the UAE, with intentions to establish a larger regional operations center in Abu Dhabi employing over 500 staff [3]. - The company is expanding its operations in the Middle East, having recently partnered with Qatar National Bank and DMZ Finance to develop a tokenized money market fund, the first DFSA-approved tokenized MMF [3]. Market Position - Bybit is currently the second largest cryptocurrency exchange globally, with a 24-hour trading volume of $5.1 billion, while Binance leads with $29.7 billion and Coinbase follows with $3.1 billion [4]. - The cryptocurrency market is experiencing a resurgence in popularity, benefiting exchanges as regulatory clarity increases and adoption by governments and the public grows [5]. Industry Developments - Other exchanges, such as Binance, are also expanding their services, exemplified by a partnership with BBVA to explore crypto custody solutions [6].