Bybit Secures UAE’s First Full Virtual Asset License, Expands in Dubai
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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates, becoming the first crypto exchange to receive the full national approval.
The new license allows Bybit to offer regulated crypto trading, brokerage, custody, and fiat conversion services to retail and institutional clients across the UAE mainland, extending beyond the jurisdiction of Dubai’s Virtual Assets Regulatory Authority (VARA).
Building on its existing provisional VARA license, Bybit said it plans to deepen its local presence through a regional operations hub in Abu Dhabi and expanded teams across Abu Dhabi and Dubai, aiming to employ more than 500 local staff.
The firm also plans to roll out education initiatives and Web3 innovation programs in collaboration with UAE partners.
Bybit CEO Ben Zhou said the approval underscores the exchange’s commitment to “building trust through compliance and transparency,” positioning the company as a key player in Dubai and the wider UAE’s growing role as a global crypto and blockchain hub.
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