Bybit cryptocurrency trading platform continues its global expansion efforts with diligence. Its subsidiary company, Bybit FinTech FZE, has obtained the initial pilot license (MVP) from the Dubai Virtual Assets Authority (VARA) after more than a year of obtaining the temporary license.

Despite the company’s earlier 30% reduction in workforce due to the ongoing market downturn in the cryptocurrency industry earlier this year, Bybit has strengthened its expansion plans by establishing its global headquarters in Dubai in April. More recently, the cryptocurrency trading platform obtained a license for cryptocurrency exchange and custody services in Cyprus after withdrawing from Canada.

This initial license in Dubai is a significant step forward for Bybit, reflecting the progress made in obtaining authorization to operate with virtual assets in the emirate. Ben Zhou, the founder and CEO of Bybit, expressed appreciation for VARA and praised Dubai’s role in supporting financial development and digital assets.