Global cryptocurrency exchange Bybit has achieved a significant regulatory milestone in the United Arab Emirates, securing a full Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA). This pivotal authorization arrives eight months after the exchange initially received in-principle approval from the SCA.
The full license empowers Bybit to deploy its entire range of global products and services across the UAE, marking a substantial step in its regulatory compliance journey. This achievement follows a challenging period for the exchange, which included navigating severe security and jurisdictional compliance issues earlier in the year. In February 2025, Bybit contended with the theft of over $1.4 billion in Ether (ETH), an incident widely attributed to the Lazarus Group.
In the wake of the massive security breach, Bybit demonstrated a commitment to remediation, collaborating with firms like Chainalysis and establishing a substantial bounty program offering up to 10% of recovered assets. Concurrently, the exchange addressed compliance challenges in other jurisdictions, notably paying a $1 million fine in February 2025 related to violations of anti-money laundering rules in India, which had prompted a temporary suspension of services there.
This federal SCA license is distinct from the non-operational license Bybit previously obtained in Dubai from the Virtual Assets Regulatory Authority (VARA) in September 2025. The progression aligns with the strategic partnership formed between VARA and the SCA in August 2025, which aimed to unify crypto regulations and introduce licensing reciprocity across the Emirates. Ben Zhou, Bybit's co-founder and CEO, stated that receiving the full license affirms the company's dedication to transparency and rigorous governance within a jurisdiction rapidly becoming a regulated digital asset hub.
The broader digital asset ecosystem in the UAE continues to evolve, evidenced by reports that The Open Network (TON) was exploring a potential pathway toward a UAE Golden Visa through local licensed partners in July 2025. By successfully navigating these complex security and regulatory challenges, Bybit is positioned to leverage the UAE's progressive stance, transforming past difficulties into a demonstration of operational resilience and commitment to high market integrity standards.