Bybit becomes first exchange to secure full UAE crypto license from SCA

ByBit, a crypto exchange, has secured a virtual asset platform operator license from the Securities and Commodities Authority (SCA) of the UAE. To that end, ByBit has become the first crypto exchange to obtain a full license from the SCA.

Under the SCA’s license, ByBit will offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE. The SCA regulation has a wider scope, as it applies to the UAE mainland and also covers entities outside Dubai’s jurisdiction under VARA.

Ben Zhou, Co-founder and CEO of ByBit, said, “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to ByBit’s unwavering commitment to building trust through compliance and transparency. The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.”

ByBit plans to establish an operations centre in Abu Dhabi

The crypto exchange plans to expand its local footprint by establishing a larger regional operations centre in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai. They also aim to hire more local talent for compliance, operations, and customer service, and plan to collaborate with local partners to develop new educational and Web3 innovation programs.

Helen Liu, Co-CEO of Bybit, added, “The SCA’s clear, robust, and well-structured regulatory framework provides a strong foundation for global exchanges like Bybit to operate with confidence and clarity… We look forward to deepening our collaboration as we bring more resources, products, and expertise to the UAE market.”

Bybit’s acceptance by the UAE comes amid intensifying global scrutiny of crypto exchanges following the collapses and lawsuits that rocked the sector in 2022–2023. Bybit’s regulatory milestone stands out against the hostile regulatory conditions in the US and certain parts of Asia. This indicates that the Middle East remains a key destination for compliant cryptocurrency growth.

Meanwhile, competitors such as Binance and OKX have secured provisional or operational licenses under Dubai’s VARA regime. Bybit’s SCA license is the first full federal authorization covering the entire UAE. This distinction provides a competitive edge that enables Bybit to extend regulated services nationwide rather than being limited to Dubai’s jurisdiction.

ByBit global trading volumes remain strong 

ByBit initially received its In-Principle Approval (IPA) from the SCA in February 2025 with the help of the Blockchain Centre, Abu Dhabi, in navigating the SCA’s framework. Earlier this year, Bybit snagged a Markets in Crypto Assets (MiCA) license, and the firm also resumed full trading operations in India in September.

The company’s strategy focuses on securing licenses before market entry, rather than facing legal hurdles after launch. 

Meanwhile, ByBit’s global trading volumes have remained strong. The company serves a global community of over 60 million users with over 100 crypto tokens listed and over 300 spot trading pairs, and has assets worth 1.3 trillion.

The company attributes this to its security-first and compliance-oriented model. Its growing list of licenses reflects investor demand for transparent, law-abiding platforms.

However, the company has not had an all-around smooth year. In February, the crypto exchange suffered a $1.46 billion robbery by the Lazarus group. This theft has driven a record-breaking $2 billion haul for North Korea.

The figure represents the largest annual tally for North Korean hackers to date, with three months still to go in 2025. According to the London-headquartered blockchain analysis firm Elliptic, the notorious group has stolen over $6 billion in cryptocurrency to date, funding the autocratic regime.

“The majority of the hacks in 2025 have been perpetrated through social engineering attacks, where hackers deceive or manipulate individuals in order to gain access to cryptocurrency,” Elliptic said.

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