Summary:
- Bybit will offer crypto exchange and digital asset custody services to users in Cyprus after bagging a license in the country.
- The trading venue sets up shop in Cyprus ahead of the implementation of MiCA, the first crypto regulatory regime in a major jurisdiction.
- Bybit enters Cyprus as Binance exits the country amid global regulatory woes and uncertainty in the U.S. following successive crackdowns by the SEC.
Bybit, one of the world’s largest centralized exchanges, has obtained a crypto license to offer its services in Cyprus. The move comes ahead of the EU’s Markets in Crypto-Assets (MiCA) which comes into effect by mid-2024.
Regulators in the country have approved Bybit to “offer a full suite of services”, per a statement from the trading venue. Bybit CEO and co-founder Ben Zhou remarked that the license signals a mix of global expansion and compliance with “robust regulatory frameworks.
We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,”
Bybit exited the Canadian market in May due to a regulatory shift in the country. Canadian users will lose access to Bybit’s trading platform by July/August this year.
Binane Bows Out Of Cyprus, Bybit Rolls In
Bybit’s entrance into the country follows the exit of crypto’s largest centralized exchange – Binance. Binance deregistered its local arm ahead of MiCA’s implementation expected next year. The leading crypto exchange also withdrew its crypto license application in Austria per reports today.
The island nation, like a handful of jurisdictions around the world, has noted plans to develop its local crypto industry into a global hub for digital asset innovation. In June 2022, the policymakers in the country tried to pass a bill on digital assets meant to clarify standards for the industry. Ultimately, the bill lost steam and was binned in 2023.