Bybit Expands Global Presence with Cyprus License: Crypto Exchange Takes Advantage of Burgeoning Market

By Lola Coin Jun 26, 202370Views

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Bybit, the third largest cryptocurrency exchange in the world, has obtained a license to operate in Cyprus and provide custody services for digital assets. This move is part of Bybit’s strategy to expand its global presence and offer its services to customers in Cyprus and throughout the European Union. Cyprus is seen as a growing hub for cryptocurrency activities and has a favorable regulatory environment, making it an attractive market for Bybit. The company has been experiencing significant growth in recent months, with its user base increasing by 50% from Q3 2022 to this year. Bybit recently relocated its headquarters to Dubai, which has become a hub for crypto and blockchain technology. However, Binance, a rival exchange, has made the surprising decision to exit the Cyprus market in order to comply with upcoming regulations.

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