BYBIT, the world’s second largest cryptocurrency exchange at trading volume, has secured a virtual asset platform operator license from Securities and Commodities Authority (SCA) for the United Arab Emirates (UAE), says Exchange on Thursday.
Bybit will be the first crypto exchange to get this full license from SCA, the company said in a press release.
A number of cryptic companies with operations in Dubai are regulated under the Vara frame. The SCA Regulation is wider in size as it applies to the UAE Fastland and applies to units outside Dubai’s jurisdiction under Vara. (BYBT also has a preliminary license under the Vara frame.)
According to SCA’s Virtual Asset Platform Operator License, Bybit will offer regulated virtual asset trade, mediation, custody and FIAT conversion services for both retail and institutional clients throughout the UAE.
The exchange plans to expand its local footprint by establishing a larger regional operating center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai, accelerating local employment across compliance, operations and customer service and introducing new education and web3 innovation programs in collaboration with local partners.
BYBT initially received its principle approval (IPA) from SCA in February 2025 using the Blockchain Center, Abu Dhabi, in the navigation of SCA’s framework. Earlier this year, Bybit got a market in Crypto Assets (MICA) license, and the company also resumed full trade operations in India in September.
“Receiving the full virtual active platform operator’s license from SCA is a testimony to Bybit’s unshakable obligation to build trust through compliance and transparency,” Bybit CEO Ben Zhou said in a statement.
