Bybit Expands Operations to Argentina as Licensed Crypto Service Provider

Bybit has expanded its operations to Argentina, becoming a licensed Virtual Asset Service Provider (VASP) and card operator.

The license, granted by Argentina’s Financial Intelligence Unit (FIU), allows Bybit to offer its full range of products, including spot and derivatives markets for cryptocurrencies like Bitcoin and Ethereum (ETH). Additionally, Argentine users can now utilize Bybit’s crypto-backed payment cards for managing and spending digital assets.

Bybit assured that its services comply with Argentina’s strict anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. This registration reflects Argentina’s progressive approach to crypto regulation.

In March, the National Securities Commission (CNV) required VASPs to follow the Financial Action Task Force’s (FATF) AML/CFT guidelines.

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Ben Zhou, Co-founder and CEO of Bybit, expressed excitement about the expansion, highlighting their commitment to compliance and supporting Argentina’s economic growth through blockchain technology.

This expansion comes after Bybit’s recent decision to cease operations in France due to new regulatory measures. French users are now restricted to “close-only” mode and must withdraw their assets by August 13. Bybit plans to re-enter the French market once it secures the necessary regulatory licenses.

Alexander Stefanov