Bybit secures Dubai license for spot trading

Bybit Fintech FZE has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This authorization allows the company’s Dubai-based entity to provide exchange services, specifically covering spot trading of virtual assets.

The new license replaces a previous in-principle authorization that did not permit the company to serve customers within Dubai. While the approval enables Bybit to serve retail, qualified, and institutional investors, the company must still complete VARA’s launch process and satisfy specific operational requirements before trading officially begins.

Notably, the current approval excludes cryptocurrency derivatives, which represent a significant portion of Bybit’s global business. The company stated it intends to pursue regulatory approval for derivatives services in the future. Bybit established its international headquarters in Dubai in 2022 and has recently secured various regulatory approvals across the European Union, Indonesia, South Africa, and El Salvador.