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Dubai’s regulatory authority has given Bybit a provisional license as the company furthers operations in Dubai.
Key Notes
VARA has awarded Bybit a provisional license two years after the exchange moved its headquarters to Dubai.Bybit is the second-largest crypto exchange in the MENA region, and currently the second-largest derivatives exchange worldwide.The company has an ongoing partnership with the Dubai Multi Commodities Crypto Centre (DMCC) as it solidifies its presence in the city.Major crypto exchange Bybit has obtained provisional approval for a Virtual Asset Service Provider (VASP) license in Dubai. The exchange’s greenlight from the Virtual Assets Regulatory Authority (VARA) represents another milestone in Bybit’s journey toward full approval.
According to chief operating officer Helen Liu, the decision to operate in Dubai and offer its service there is pivotal. Liu said:
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector. With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”
Bybit in Dubai
Although it did not specify, Bybit does not expect any hindrance to its full operational approval. Its position in the city is also assisted by the company establishing its international headquarters in Dubai back in 2022. Before making Dubai its headquarters, Bybit did groundwork for about a year, recruiting top talent and holding several meetings with Dubai’s VARA. As of April 2023, CEO Ben Zhou said the company had generated more than $33.5 billion in trading volume. This made Bybit the second-largest exchange by transaction volume in the MENA region.
To further its presence in the Dubai crypto sector, Bybit renewed its partnership with the Dubai Multi Commodities Crypto Centre (DMCC). The exchange will function as a DMCC Ecosystem and Advisory Partner, offering guidance on related projects. As part of their partnership, both entities plan to co-host a flagship conference and a global hackathon this year. The aim of the conference is to position Dubai as a center for thought leadership by bringing experts and stakeholders together. For the hackathon, the partnership hopes to inspire Web3 developers to push innovation limits.
In April, Bybit sponsored the Blockchain Life Dubai event hosted by Blockchain for Good Alliance (BGA). The BGA is a network of stakeholders, including organizations and individuals, interested in using blockchain technology to solve global economic, social, and environmental challenges. Other BGA partners include Solana Foundation, Harvard Blockchain Club, Aptos, and Alchemy Pay, among others.
Bybit Hit Second-Largest by Trading Volume
Bybit became the world’s second-largest crypto exchange by trading volume in June. The report noted that Zhou said Bybit took the opportunity after FTX collapsed. Data from Kaiko showed that Bybit’s share of the crypto exchange market hit 16%, doubling between October and June. Binance was the largest at 54%, with Coinbase, OKX, and Upbit at 8%, 7%, and 4%, respectively.
Current spot market data from CoinMarketCap shows that Bybit is the fourth-largest exchange by market cap, with a trading volume at $3.87 billion. Binance, Coinbase, and OKX, are the first to third, respectively. On the other hand, Bybit is the second-largest exchange by market cap, for derivatives trading. The exchanges’ derivatives trading volume in the last 24 hours is $16 billion, below Binance in the first position at $39.5 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
