Bybit secures licence to operate cryptocurrency exchange and custody services in Cyprus

Bybit, described as the world’s third most visited crypto exchange, has announced that it has successfully obtained a licence to operate a crypto exchange and provide custody services in Cyprus.

This milestone demonstrates Bybit's commitment to working within regulatory frameworks and providing its users with secure and compliant trading solutions, an announcement from the company said.

Bybit's newly acquired licence from the regulatory authorities in Cyprus allows the company to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions tailored to clients in Cyprus and EU member states. With this license, Bybit establishes itself as a trusted and regulated platform within the Cyprus cryptocurrency market, the company's announcement continued.

As noted by Bybit, Cyprus is recognised as a burgeoning hub for cryptocurrency activities, with a growing community of crypto enthusiasts and a favourable regulatory environment. Bybit recognises the immense potential of the Cyprus market and is excited to bring its next-level reliability and opportunities to the local digital asset community, the company said.

“At Bybit, 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,” commented Ben Zhou, co-founder and CEO of Bybit. “This landmark is a testament to Bybit's commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus.”

"Bybit has a sterling reputation for digital asset security, compliance, and protection. Due in no small part to its enhanced KYC and AML procedures, successfully obtaining the ISO 27001:2013 certification for its robust security management system, and running real-time, on-chain, proof-of-reserves data with a purpose-built Merkle tree," the company's announcement concluded.