Bybit becomes the first cryptocurrency exchange to receive full Virtual Asset Platform Operator licensing in the UAE from the Securities and Commodities Authority.
Bybit, a cryptocurrency exchange headquartered in the British Virgin Islands, says it has secured a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE).
According to an Oct. 9 press release, Bybit is the first crypto exchange to receive full licensing in the UAE. The firm’s CEO and cofounder, Ben Zhou, described receiving the full Virtual Asset Platform Operator License from the SCA as “a testament to Bybit’s unwavering commitment to building trust through compliance and transparency” and said the UAE had emerged as a global leader in digital asset regulation.
Bybit Secures UAE’s First Virtual Asset Platform Operator License from Securities and Commodities Authority
Ben Zhou, Co-founder and CEO of Bybit, said: “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to… pic.twitter.com/IH5p3GbODz
— Bybit (@Bybit_Official) October 9, 2025
Expanding Into The UAE And Beyond
Bybit says it will offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE as it expands further into the territory. It also intends to establish a “larger regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai.”
This expansion appears to be part of a multifaceted, long-term plan to increase the company’s operations throughout the Middle East. As Coinspeaker recently reported, Bybit recently partnered with Qatar National Bank (QNB) and infrastructure firm DMZ Finance to develop a tokenized money market fund (MMF), called QCDT, which is reportedly the first DFSA-approved tokenized MMF.
Exchanges Flourish as Crypto Goes Mainstream
Bybit is the second largest cryptocurrency exchange in the world, with a 24-hour trading volume of $5.1 billion as of the time of this article’s publication, according to data from CoinMarketCap.
Binance, the world’s largest crypto exchange, has a 24-hour trading volume of $29.7 billion for the same period. Coinbase Exchange rounds out the top three with a recent 24-hour volume of $3.1 billion.
These figures come as cryptocurrency and digital assets products have seen a resurgence in popularity amid continuing adoption by governments and the mainstream populace around the world. Exchanges in particular have benefited from the increased activity and new avenues for products and services as regulatory efforts begin to offer clarity throughout the sector.
Binance, for example, recently partnered with Spanish banking giant BBVA, to explore crypto custody solutions. Meanwhile, Binance Coin BNB $604.5 24h volatility: 1.4% Market cap: $82.44 B Vol. 24h: $1.40 B surpassed both XRP XRP $1.37 24h volatility: 1.3% Market cap: $83.63 B Vol. 24h: $3.34 B and USDT on Oct. 7 to become the third largest cryptocurrency in the world by market cap. As of the time of this article’s publication USDT has retaken the number three slot with BNB trailing slightly in fourth.
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