Bybit Obtains Full Cryptocurrency Exchange License in the UAE
The UAE has efficiently taken another big step towards supporting digital assets. The Securities and Commodities Authority (SCA) has allowed Bybit to operate as a legal crypto exchange in the country. This move of the authority supports the country’s goal of becoming a leading center for digital assets, as these digital assets are becoming popular day by day. Bybit, one of the world’s largest crypto trading platforms, announced on Friday that it is the first exchange to get a full license from the SCA. The SCA manages how the markets operate as well as controls the UAE’s financial markets.
Through this new licence, Bybit is allowed to offer services that include cryptocurrency trading, brokerage, secure asset storage, and currency conversion to both individuals and businesses throughout the UAE.
Bybit shared its plan that it will expand in the UAE by opening a larger office in Abu Dhabi with more than 500 employees. The company will also hire more local people for roles in compliance, operations, and customer service. In addition, it will work with regional partners to promote blockchain education and develop new Web3 projects.
Bybit first received its initial approval from the UAE’s Securities and Commodities Authority (SCA) in February.
Ben Zhou, Bybit’s co-founder and CEO, said the UAE has become a global leader in digital asset regulation, showing the country’s strong focus on security and governance.
In Dubai, the Virtual Assets Regulatory Authority (Vara) supervises and licenses most cryptocurrency exchanges. But the SCA’s rules apply to a larger area, covering the UAE mainland and companies outside Vara’s reach. Bybit also holds a temporary license under Vara.
This approval is part of a series of regulatory achievements for Bybit in 2025. In May, it received a Markets in Crypto Assets (MiCA) license, which is required for crypto businesses to operate in Europe. The exchange also restarted full trading in India in September.
Bybit got its approval from the UAE regulator at a time when many crypto exchanges around the world are being closely watched because of major failures as well as legal troubles that happened in 2022 and 2023. Unlike the US, where regulations are much tougher, the UAE has created a more open environment for crypto companies. Other exchanges, including Binance and OKX, have already received provisional or full licenses under Dubai’s Vara framework.
Bybit, founded in 2018, continues to grow strongly and now serves over 60 million users around the world. In February, the company suffered a big loss when hackers stole around $1.5 billion in cryptocurrency, including 401,000 Ethereum. Later, the FBI said the attack was carried out by North Korea.
The cryptocurrency industry has faced many problems and has become a frequent target for hackers looking to profit from the fast-growing market. Data from blockchain analytics company Chainalysis shows that crypto platforms lost nearly $2.2 billion to theft in 2024.
Also Read: Cryptocurrency Taxes in Different Countries
