The certification came only days before Bybit suffered the world’s largest cryptocurrency breach last week.
Bybit, a cryptocurrency exchange, has gained in-principle clearance to launch a virtual asset platform in the UAE.
In a blog post on February 27, Bybit announced that it has acquired permission from the Securities and Commodities Authority (SCA). It further stated that the platform was close to acquiring its complete operating license.
Ben Zhou, Bybit’s co-founder and CEO, stated: “This license is a critical milestone in our effort to provide secure and transparent cryptocurrency trading solutions.”
Bybit Hack
According to the article, the in-principle clearance was issued on February 18, 18 days before the exchange had its largest cryptocurrency theft.
Last Friday, Bybit was the victim of a vulnerability in which hackers stole roughly $1.5 billion in Ethereum from a single wallet. The hack is thought to have been carried out by North Korea’s Lazarus Group; however, this has not been verified or disputed.
Despite having recovered from the hack, investor confidence remains cautious. Since then, the crypto market has responded unfavorably, citing a variety of geopolitical reasons. Bitcoin plummeted below $84,000 yesterday, its lowest level since November, but, as of the time of publication, it has climbed slightly to $86,000, according to CoinMarketCap.
Speaking further on the in-principle acceptance, Zhou stated: “Bybit remains committed to collaborating with regulators to promote a compliant and creative digital asset ecosystem for both retail and institutional investors in the UAE.”
In addition to the UAE, Bybit is seeking a regulatory license to grow its operations in Georgia, India, Kazakhstan, and Turkey.
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