Bybit has obtained a Virtual Asset Service Provider licence from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling the company to offer spot crypto trading in the emirate. Bybit’s local entity, Bybit Fintech FZE, received the licence for exchange services.
The company’s co-founder and CEO, Ben Zhou, views the approval as a crucial step in Bybit’s growth in Dubai, where the company has been headquartered since 2022. Peter Loo, Bybit’s chief legal and compliance officer, notes that derivatives account for a substantial portion of the company’s global trading business. The exchange aims to introduce more of its services to Dubai, subject to regulatory approval.
What the licence covers
The licence allows Bybit to offer spot crypto trading in Dubai, and the company hopes to expand its services to include derivatives in the future. This expansion is contingent upon regulatory approval. Bybit’s compliance, security, and risk management efforts will continue to be a priority as the company grows.
Why it matters for the GCC
The Dubai approval is the latest in a series of licences and regulatory approvals Bybit has obtained in 2026, including those in the European Union, the Cayman Islands, Indonesia, South Africa, and El Salvador. This development demonstrates Bybit’s commitment to compliance and regulatory adherence as it expands its services globally.
- Spot crypto trading
- Potential derivatives trading
