Bybit's Dubai entity secured a VASP license from VARA, authorizing spot crypto trading operations in the UAE.
Regulation & Gov ·
Bybit Fintech FZE, the exchange's Dubai entity, has obtained a Virtual Asset Service Provider license from the Virtual Assets Regulatory Authority (VARA), enabling spot crypto trading operations in the United Arab Emirates. The announcement came on October 22, following the entity's establishment as Bybit's international headquarters in Dubai during 2022 and an in-principle approval granted in 2024.
The VARA license places Bybit among a cohort of major exchanges operating under Dubai's regulatory framework. Other platforms holding VARA licenses include Binance, OKX, Gate, and Backpack, indicating the authority's role as a primary regulator for virtual asset service providers in the emirate.
The practical scope of the license—whether it extends beyond spot trading to include derivatives, lending, or other services—has not been detailed. The timing and any conditions attached to the full license issuance remain unspecified.