Bybit Dubai Entity Granted VASP License by VARA

Bybit's Dubai entity, Bybit Fintech FZE, has been granted a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Assets Regulatory Authority (VARA), covering crypto asset spot trading (exchange services). Bybit established its international headquarters in Dubai in 2022 and received VARA's Initial Provisional Approval (IPA) in August 2024. The company's Chief Legal and Compliance Officer, Peter Loo, stated that there are plans to apply for an expansion of the license scope to include derivatives trading in the future, subject to further regulatory approval.