Bybit Secures VARA Licence for Exchange Services in Dubai

The Bybit VARA licence, obtained by Bybit Fintech FZE from Dubai’s Virtual Assets Regulatory Authority (VARA) for Exchange Services covering spot trading, was announced by the company. The licence supports Bybit’s operations in Dubai, where it established its international headquarters in 2022.

Bybit said the licence is part of its efforts to build its business within established regulatory frameworks and to contribute to the development of Dubai’s digital asset industry. The company added that it continues to invest in compliance, security and risk management as it develops products and services across jurisdictions.

Ben Zhou, Co-founder and CEO of Bybit, said Dubai has made significant progress in building a regulatory environment for virtual assets and that the company is pleased to take this next step in its journey there. He added that Bybit looks forward to continuing its work in Dubai, supporting the local digital asset community and building its business in line with VARA’s standards.

Peter Loo, Chief Legal and Compliance Officer at Bybit, said the licence is a significant step forward for the company and expressed respect for VARA’s work in establishing a framework for virtual assets. He said a healthy digital asset market needs strong oversight, sound risk management and a commitment to protecting users. Loo added that Bybit hopes in time to expand its licensed activities to include derivatives, subject to the necessary regulatory approvals, noting that derivatives are a major part of Bybit’s global trading business and that the company wants to bring more of its offering to Dubai through the appropriate regulatory process.