Bybit consolidates in Europe with Crypto Licences in Cyprus

Bybit has successfully obtained a licence to operate a cryptocurrency exchange and provide custody services in Cyprus. Endowed with the newly acquired licence from Cyprus' regulatory authorities, Bybit can now offer a comprehensive suite of services tailored to both crypto and fiat currency pairs, including trading and custody solutions. This breakthrough cements Bybit's position in the fast-growing Cyprus cryptocurrency market. Cyprus has emerged as a dynamic hub for cryptocurrency activities, boasting a thriving community of crypto enthusiasts and an environment that fosters innovation through more favourable regulations. Recognising the potential of the Cyprus market, Bybit is looking to introduce its reliability and crypto opportunities to the local digital asset community. Ben Zhou, the co-founder and CEO of Bybit, expressed the company's wholehearted support for the regulatory objective of building a compliant, secure, and transparent cryptocurrency industry that empowers individuals seeking financial freedom. Zhou emphasised, "This groundbreaking milestone is a testament to Bybit's dedication to adhering to robust regulatory frameworks while expanding our global presence. We are excited to embark on our crypto journey in Cyprus and contribute to the flourishing Crypto Ark." Bybit is committed to digital asset security, compliance, and protection. The platform's enhanced Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures have played a role in upholding its robust security measures. In addition, Bybit boasts the ISO 27001:2013 certification for its security management system. Real-time, on-chain proof-of-reserves data, powered by a purpose-built Merkle tree, further enhances transparency and engenders trust among users. Bybit's expansion into Cyprus not only amplifies its international footprint but also catalyses growth and innovation within the local cryptocurrency ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.