Bybit, the world's second-largest cryptocurrency exchange, has received preliminary approval from the Securities and Commodities Authority (SCA) in the UAE to operate a virtual assets exchange platform. This is the first time SCA has granted such approval. Bybit previously received approval from Dubai's Virtual Asset Regulatory Authority (VARA) in 2024. Bybit is now in the final stages of receiving its full operational license and aims to provide a secure and compliant platform for crypto traders in the region. The approval moves Bybit closer to offering digital asset services to both retail and institutional clients in the UAE. The CEO of Bybit expressed gratitude for the approval and emphasized the exchange's dedication to compliance and innovation. This news comes shortly after Bybit suffered a $1.4 billion hack, which the exchange promptly addressed with the help of the global crypto exchange community.



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