Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has secured the first full crypto exchange operator license in the United Arab Emirates.
Summary
- Bybit has received the Virtual Asset Platform Operator License from the Securities and Commodities Authority in the United Arab Emirates.
- The exchange becomes the first crypto platform to secure the full license.
- Regulatory milestone adds to key compliance efforts in Europe and India.
The Virtual Asset Platform Operator License, issued by the Securities and Commodities Authority, sees Bybit become the first crypto platform to receive this regulatory nod, according to details the company shared via a press release on Thursday.
Bybit’s milestone follows an initial In-Principle Approval in the UAE, which the SCA granted in February 2025. The full license signals that the exchange fully meets the regulator’s stringent requirements around security infrastructure, operational transparency, and compliance, the Bybit team noted.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency. The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards,” Ben Zhou, co-founder and chief executive officer of Bybit, said in a statement.
Bybit sees another key regulatory milestone
The SCA nod adds to Bybit’s key regulatory milestones year-to-date. One of these is the platform’s major win in May when it secured the European Union’s Markets in CryptoAssets license.
Apart from MiCAR, the platform also resumed full trading in India in September. It followed India’s Financial Intelligence Unit ban targeting the crypto exchange and others for operating without proper registration. That happened in January 2025.
However, after the crypto platform finalized its registration as a Digital Asset Service Provider and paid a $1 million fine to settle with the FIU, it announced resumption of full trading services.
Expansion across the UAE
While Bybit has scored a provisional license under Dubai’s Virtual Assets Regulatory Authority, the SCA license is a major win as its regulatory scope covers the UAE mainland. VARA applies to virtual assets and virtual asset service providers in Dubai.
The Virtual Asset Platform Operator License from SCA allows Bybit to expand its services across the UAE, with top offerings including crypto trading, brokerage, and custody. The exchange has the nod to offer these services to both retail and institutional clients.
Accordingly, Bybit has plans to expand across the Middle Eastern nation via regional operations in Abu Dhabi and Dubai. The exchange says it also plans to hire locally across compliance, operations, and customer service.
It will also partner with local firms to bring new education and Web3 innovation programs to customers.
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