UAE approved Bybit’s in-principal approval days before hack

• The approval came days before Bybit suffered what’s considered the biggest crypto hack last week
• Bybit received approval from the UAE’s Securities and Commodities Authority (SCA)
• The exchange is expanding its presence in key countries including India, Georgia, Kazakhstan, and Turkey

Crypto exchange Bybit has received in-principal approval to establish a virtual assets platform in the United Arab Emirates (UAE).

In a blog post on February 27, Bybit said it had received approval from the nation’s Securities and Commodities Authority (SCA). It also noted that the platform was in the final stages of receiving its full operational license.

Ben Zhou, Bybit’s co-founder and CEO, said:

“This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.”

Bybit hack

According to the post, the in-principal approval was dated February, 18, days before the exchange suffered the biggest crypto hack.

Last Friday, Bybit was the victim of an exploit that saw perpetrators steal nearly $1.5 billion worth of Ethereum from a single wallet. North Korea’s Lazarus Group is believed to have been behind the hack; however, it hasn’t confirmed or denied this allegation.

Despite recovering from the hack, investor confidence remains cautious. Since then – and among other geopolitical issues – the crypto market has reacted negatively. Bitcoin fell to $84,000 yesterday, its lowest level since last November; however, at the time of publishing it has risen slightly to $86,000, according to data from CoinMarketCap.

Speaking more about the in-principal approval, Zhou said:

“Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

Besides the UAE, Bybit is continuing to secure regulatory approvals, expanding its presence in Georgia, India, Kazakhstan, and Turkey.