- The approval arrived days before Bybit suffered what is being called one of the largest crypto hacks last week
- Bybit received in-principle approval from the United Arab Emirates’ Securities and Commodities Authority (SCA)
- The exchange is expanding its presence in countries including India, Georgia, Kazakhstan, and Turkey
Cryptocurrency exchange Bybit has received in-principle approval to establish a virtual assets platform in the United Arab Emirates.
In a blog post on February 27, Bybit announced it obtained approval from the UAE’s Securities and Commodities Authority (SCA) and said the platform is in the final stages of securing its full operational license.
Ben Zhou, Bybit’s co-founder and CEO, commented:
“This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”
Bybit hack
The in-principle approval is dated February 18, only days before the exchange experienced a major security breach.
Last Friday, Bybit fell victim to an exploit that resulted in the theft of nearly $1.5 billion worth of Ethereum from a single wallet. Reports indicate that North Korea’s Lazarus Group may be responsible for the attack, though that attribution has not been officially confirmed.
Although Bybit has taken steps to recover from the incident, investor confidence remains cautious. The hack, together with broader geopolitical concerns, contributed to a downturn in the crypto markets. Bitcoin dropped to about $84,000 yesterday—its lowest level since last November—before climbing slightly to roughly $86,000 at the time of publication, according to CoinMarketCap data.
On the significance of the in-principle approval, Zhou added:
“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem for both retail and institutional investors in the UAE.”
Beyond the UAE, Bybit is actively pursuing regulatory approvals and expanding operations in several other markets, including Georgia, India, Kazakhstan, and Turkey, as part of its broader international growth strategy.