Bybit Secures UAE Approval, Expands in India Amid Global Scrutiny

Bybit, a leading cryptocurrency exchange, has secured in-principle approval from the United Arab Emirates' Securities & Commodities Authority (SCA) to operate as a Virtual Asset Platform. This approval paves the way for Bybit to offer a broader range of digital asset services to both retail and institutional clients in the UAE, further solidifying its commitment to regulatory compliance in key financial hubs.

Bybit's co-founder and CEO, Ben Zhou, expressed optimism regarding the in-principle approval (IPA) and demonstrated confidence in obtaining full operational approval from the SCA. Zhou stated, "We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions."

The UAE's ongoing efforts to position itself as a crypto and blockchain innovation leader align with Bybit's regulatory progress. This development ensures a compliant and secure trading environment for retail and institutional investors in the region.

Bybit's expansion in the UAE follows a similar development in India earlier this month. The exchange successfully registered with India's Financial Intelligence Unit (FIU), allowing it to resume full operations after a temporary suspension due to compliance issues. Bybit paid a $1.06 million fine and aligned with Indian regulatory standards, restoring services for existing users and gradually onboarding new users.

Despite its regulatory progress in the UAE and India, Bybit faces scrutiny in Japan. In February, Japan's Financial Services Agency (FSA) urged major app stores to delist Bybit and other unregistered crypto exchanges due to concerns over unlicensed operations and potential risks to investors. This highlights Japan's stringent approach to crypto regulation.

Beyond regulatory developments, Bybit has been in the headlines following a significant security breach. Over $1.4 billion was withdrawn from its platform, with investigations suggesting North Korea's Lazarus Group was responsible for the attack. Despite the breach, Bybit reassured users that all funds remained secure and fully backed, launching a crisis management strategy with a $140 million bounty to track down exploiters and recover stolen assets. The incident underscores the importance of understanding the risks of crypto wallet security, especially for firms handling large amounts of customer funds.

The recent approvals in the UAE and India signify Bybit's commitment to adhering to evolving regulatory standards in the cryptocurrency landscape. While facing challenges in other regions, the exchange continues