Bybit, one of the biggest crypto exchanges, is getting closer to securing a full operational license in the United Arab Emirates (UAE). This approval comes at a crucial time, as the exchange recently suffered a massive $1.4 billion hack. The exchange recently received in-principle approval (IPA) from the UAE’s Securities and Commodities Authority (SCA), bringing it one step closer to obtaining a full operational license.
Bybit Obtain UAE In-Principle Approval
On February 18, 2025, Bybit secured the IPA to operate as a Virtual Asset Platform Operator in the UAE. Meanwhile, this approval just days before it was hit by a $1.4 billion hack on February 21. The attack, one of the biggest in crypto history, happened during a transfer between Bybit’s cold and hot wallets
This approval highlights the company’s commitment to compliance and regulatory standards in the region. Bybit aims to provide a secure and transparent trading platform for both retail and institutional investors.
Ben Zhou, the co-founder and CEO of Bybit, expressed his excitement about the milestone, stating that the exchange is dedicated to working closely with regulators to ensure a safe and innovative crypto ecosystem in the UAE. With this approval, Bybit is now in the final stages of obtaining its f