Bybit Wins Dubai VARA Approval For Spot Crypto Exchange Services

TL;DR: Bybit says its Dubai entity has secured a VARA virtual-asset service provider licence covering spot exchange activity; derivatives permission remains a future objective. Bybit has obtained a Dubai regulatory licence for spot cryptocurrency exchange services, extending its locally authorized business in one of the industry's most closely watched jurisdictions. The exchange announced Thursday that Bybit Fintech FZE received a virtual-asset service provider licence from Dubai's Virtual Assets Regulatory Authority, known as VARA. The permission covers spot exchange services. Bybit's management says it wants to expand into derivatives later, but that would require separate regulatory approval. A defined licence, not an all-purpose passport Exchange businesses often operate several distinct activities: spot trading, leveraged derivatives, custody, brokerage and payments. A licence for one does not automatically authorize the others, and market participants should read regulatory announcements for their exact scope. Bybit established an international headquarters in Dubai in 2022. The new authorization is an additional step toward operating local trading services within VARA's fram...