Bybit receives crypto exchange license from VARA Dubai
Bybit, crypto exchange and financial platform with more than 80 million users worldwide, has announced that its affiliate Bybit Fintech FZE secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for crypto exchange offering crypto spot trading, with derivatives trading in the pipeline.
In 2022, Bybit established its international headquarters in Dubai and has been seeking a license. This time last year, Bybit also received a license from the Capital Markets Authority in UAE as a virtual assets platform operator.
But it is VARA’s license that will allow it to offer crypto spot trading services to Dubai residents. Ben Zhou, Co Founder and CEO of Bybit stated, “Dubai has made significant progress in building a regulatory environment for virtual assets, and we are pleased to take this next step in our journey here. We look forward to continuing our work in Dubai, supporting the local digital asset community and building our business in line with the standards set by VARA.”
The Chief Legal and Compliance Officer at Bybit added, that securing this license was a significant step forward, and acknowledged VARA’s work in establishing a clear and robust framework for virtual asets.
He added, “A healthy digital asset market needs strong oversight, sound risk management and a commitment to protecting users. We look forward to continuing our work with VARA as we grow our business in Dubai. In time, we also hope to expand our licensed activities to include derivatives, subject to the necessary regulatory approvals. Derivatives are a major part of Bybit’s global trading business, and we want to bring more of our offering to Dubai through the appropriate regulatory process.”
For Bybit, has also received five new licenses and regulatory approvals across the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador in 2026.
