Despite being enveloped in controversy following a significant hack that resulted in a loss of $1.4 billion, Bybit has secured an In-Principle Approval (IPA) from the UAE.

The Securities and Commodities Authority (SCA) of the UAE has authorized Bybit to launch its Virtual Asset Platform. In a company statement, it was noted that the firm is in the final stages to acquire its fully operational license imminently.

🇦🇪 #Bybit Secures Second In-Principle Approval in UAE
Key Points:
🏛️ Bybit receives its second in-principle approval from the UAE’s Securities and Commodities Authority (SCA).
🌐 This follows an earlier approval from Dubai’s Virtual Asset Regulatory Authority (VARA) in 2024…
— Crypto Spot (@Crypto1spot) February 27, 2025

Company Targets Retail And Institutional Investors In UAE

On February 27, 2025, Bybit announced, “This milestone signifies a crucial step in our ongoing mission to establish a secure, stable, and compliant platform for crypto traders in the region.”
“We are honored to receive the IPA from SCA,” stated Ben Zhou. “This approval is a pivotal moment in our mission to deliver secure and transparent trading options for cryptocurrency.”
“Bybit is dedicated to collaborating with regulators to foster a compliant and innovative digital asset ecosystem catering to both retail and institutional clients in the UAE,” he emphasized.

The company views the UAE as a burgeoning global hub for cryptocurrency and blockchain innovation, buoyed by favorable regulatory frameworks. Bybit aims to unite traditional finance with digital assets in this region.

Bybit Expands to Kazakhstan, India, Austria

Beyond the UAE, Bybit is also securing regulatory approvals globally, extending its reach to key markets like India, Georgia, Kazakhstan, and Turkey. The exchange announced aspirations of obtaining regulatory licenses in Austria to further penetrate new territories while adhering to local compliance norms.
Additionally, to boost its user base in Kazakhstan, Bybit is offering luxurious items such as Teslas and Rolex watches. These initiatives are intended to spark interest in digital assets and elevate the user experience from the outset of their investment journey.

Commenting on these unusual marketing strategies, Joan Han expressed enthusiasm for providing the Kazakhstani crypto community with pathways to engage with Bybit’s trading experiences.

Earlier this month, India’s Financial Intelligence Unit (FIU) levied a fine of approximately $1 million on Bybit for incidents relating to money laundering regulations. The company had briefly paused trading operations in India but has subsequently resolved all licensing issues. Following these actions, Bybit’s website is back online in India.

Explore: How to Buy Bitcoin in India

Key Takeaways

• Bybit’s approach aligns well with the UAE’s supportive regulatory environment, positioning the nation as a central hub for cryptocurrency and blockchain advancements.
• This development represents a crucial moment for Bybit as it continues to grow its global presence in major financial markets.