Cryptocurrency exchange, Bybit has secured an In-principle Approval (IPA) from the Securities and Commodities Authority (SCA) in UAE to establish a virtual asset platform in the region. Bybit confirmed the development in a blog post today, stating that it would soon obtain a fully operational license.
According to the post, the approval marks a significant milestone in Bybit’s goal of providing a safe, secure, stable, and compliant platform for crypto traders in the United Arab Emirates. It also moves the exchange closer to offering a broad range of digital asset services to both institutional and retail investors in the region.
Meanwhile, the Co-founder and CEO of Bybit, Ben Zhou while reacting to this development stated that the exchange is honored to have obtained an IPA from SCA. According to Zhou, the approval marks a significant step in Bybit’s journey of providing secure and transparent virtual asset trading platforms. He also added that the exchange will continue to partner with regulators to ensure that a compliant and innovative digital asset ecosystem that serves the need of both retail and institutional investors is established in the region.
The UAE has distinguished itself as a leading global hub for cryptocurrency, providing regulatory frameworks that foster the development of the cryptocurrency ecosystem. According to the post, these frameworks align with Bybit’s vision of bridging the gap between traditional finance and digital assets.
Bybit witness the biggest crypto hack in history
Meanwhile, this development comes barely a week after the exchange witnessed the biggest crypto hack in history. Recall that on February 21st, 2025, Bybit exchange lost over $1.5 billion to hackers exploitation. As revealed, the hacker compromised the exchange cold wallet, stole funds (primarily ether), and transferred it across several wallets.
In an investigation carried out by the Federal Bureau of Investigation (FBI), it was confirmed that the North Korean group, Lazarus carried out the exploitation. The agency referred to the North Korean malicious cyber actors as TraderTraitor. The FBI however called for the cooperation of private sector entities including RPC node operators, exchanges, bridges, blockchain analytics firms and other virtual assets providers to block transactions emanating from the TraderTraitor addresses.
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