Bybit just acquired a Virtual Asset Platform Operator License in the UAE, making it the first crypto exchange to do so. It plans to open a regional office with 500 employees to better expand its regional presence.
The firm has been concentrating on infrastructure in other growing crypto hubs, making new inroads in Europe, Vietnam, India, and more. This long-term strategy could pay out huge rewards.
Bybit’s UAE License
Although Bybit suffered a historic security breach earlier this year, the crypto exchange has taken its recovery in stride. A few months ago, it initiated a lengthy process to receive a Virtual Asset Platform Operator License from the UAE, but Bybit’s initiative has finally borne fruit:
SponsoredAccording to the firm’s press release, Bybit is now the first crypto exchange to receive such a license in the UAE. Although Binance sought approval in 2023, it withdrew its application after Richard Teng became the new CEO.
Now, Bybit has exclusive access to one of the world’s hotspots for crypto adoption.
Of course, Bybit isn’t solely interested in the UAE for the nation’s market, even if it has a lot of potential. Rather, the exchange hopes to open a regional operations center in Abu Dhabi, directing around 500 employees to further expansion goals in the region.
Global Infrastructure Expansion
Directed regional hubs like this have been part and parcel of Bybit’s strategy in recent months. For example, the exchange opened an office in Vienna after receiving a MiCA license, helping it reach customers all across Europe.
Last month, the firm made key inroads with Vietnam, although it hasn’t established an office there yet.
“This milestone marks another step forward in our global regulatory roadmap — from MiCAR in Europe to India and now the UAE — as we continue to set new benchmarks for a secure and responsible digital asset ecosystem,” claimed Ben Zhou, Co-founder and CEO of Bybit.
It’ll be interesting to see what Bybit can accomplish with its new hub in the UAE. Will its efforts focus on MENA-based clients, or will it take greater advantage of the nation’s growing status as a global finance hub? Whatever happens, Bybit seems determined to keep moving forward.
