Despite being involved in a latest massive attack on its crypto platform that involved nearly $1.5 billion in stolen cryptocurrency, Bybit has announced securing an In-Principle Approval (IPA) in the United Arab Emirates.
Officials at the Securities and Commodies Authority in the UAE granted Bybit the go-ahead to launch its Virtual Asset Platform.
Bybit’s official statement also states the company is in its final stages to receive an operational license in the coming days.
Bybit in its statement on the 27th of February made revealed that “This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.”
It’s co-founder and CEO, Ben Zhou said “We are honored to have received the IPA from UAE”. “This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”
Bybit considers the UAE an emerging global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks.
Bybit aims at bridging traditional finance with digital assets in the gulf region.
