The expansion of the exchange has remained steady during the previous several months.

The firm claimed this month that its worldwide user base had grown by 50%.

Crypto exchange Bybit has been expanding rapidly. A license to operate a cryptocurrency exchange and offer digital asset custody services was revealed today by the exchange in Cyprus. Obtaining an operating license in Cyprus was a calculated move on Bybit’s part to widen its international reach. Bybit now has the legal authority to provide cryptocurrency exchange and custody services to clients in Cyprus,

Custody services, financial services pertaining to crypto assets, and crypto-to-fiat currency pair trading are all available to customers in Cyprus. Bybit has expanded its activities and licensing to include not just Europe, but also North America and the Asia-Pacific.

User Base Up 50%

The expansion of the exchange has remained steady during the previous several months. Users of Bybit have also increased dramatically. The firm claimed this month that its worldwide user base had grown by 50%, from 10 million members in Q3 of 2022 to 15 million users this year.

On April 18th, Bybit relocated its offices to Dubai as part of its plan to expand into the more crypto-friendly Middle East and North Africa (MENA) area. Bybit quickly followed Binance and OKX in abandoning the Canadian market due to the impact of new regulations.

Bybit’s new headquarters is the latest achievement in the company’s march towards becoming the world’s preeminent cryptocurrency exchange. Moreover, Bybit activities in Cyprus will be governed by the European Union’s recently enacted Markets in Crypto Assets Regulation (MiCA).

On the other hand, recently, in a surprising move, Binance moved out of Cyprus. And today Binance decided to withdraw license registration in Austria.

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Crypto Exchange Binance Withdraws License Registration in Austria

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Filed under: Bitcoin - @ June 26, 2023 6:56 pm