Bybit, which claims to be the world’s “third most visited” crypto exchange, is pleased to announce that it has successfully obtained a license to operate a crypto exchange and provide custody services in Cyprus.
This milestone demonstrates Bybit‘s commitment “to working within regulatory frameworks and providing its users with secure and compliant trading solutions.”
Bybit‘s newly acquired license from the regulatory authorities in Cyprus “allows the company to offer a full suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions tailored to clients in Cyprus and E.U. member states.”
With this license, Bybit establishes itself “as a trusted and regulated platform within the Cyprus cryptocurrency market.”
Cyprus is reportedly recognized “as a burgeoning hub for cryptocurrency activities, with a growing community of crypto enthusiasts and a favorable regulatory environment.”
Bybit claims that it recognizes “the immense potential of the Cyprus market and is excited to bring its next-level reliability and opportunities to the local digital asset community.”
Ben Zhou, co-founder and CEO of Bybit, said:
“At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom. This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus.”
Bybit says that it has a reputation “for digital asset security, compliance, and protection.”
Due in no small part to its enhanced KYC and AML procedures, successfully obtaining the ISO 27001:2013 certification “for its robust security management system, and running real-time, on-chain, proof-of-reserves data with a purpose-built Merkle tree.”
As noted in the update, Bybit is “a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support.”