- The exchange recently obtained a license in Kazakhstan
- And before that it left the Canadian market
- The company is looking to strengthen its presence in the EU
The Bybit cryptocurrency exchange continues to expand and announces that it has been licensed in Cyprus. The company was authorized to provide depository and cryptocurrency exchange services.
In a statement, Bybit writes that the granting of the license reflects its commitment to comply with local regulations. The move aims to strengthen the exchange’s presence in the European Union (EU), after the exchange became subject to regulatory scrutiny in Japan and left Canada and the UK.
Bybit co-founder and CEO Ben Zhu said:
“This decision is evidence that Bybit is following a robust regulatory framework in expanding its global footprint. We fully support the regulator’s goal of creating a safe and transparent cryptocurrency industry that is compliant.”
Bybit received official approval to operate in Kazakhstan earlier this month. The license for trading and storage of digital assets was issued by the regulator AFSA Kazakhstan. At the time, Bybit co-founder and CEO Ben Zhu noted that the new jurisdiction will allow the brand to expand its presence in the CIS. This is especially important now that the U.S. and some other countries have launched harsh cryptocurrencies.