Bybit Announces Dubai Spot Licence, but VARA Register Still…
By Rick Steves
AI summary of the source article
Bybit announced that its Dubai entity secured a Virtual Asset Service Provider licence for spot trading from VARA. However, VARA's public register still lists Bybit Fintech FZE as holding In-Principle Approval rather than a full licence.
Why it matters
VARA says an IPA is conditional and prohibits the holder from operating, conducting virtual asset activities or servicing clients until it obtains the full licence. The difference is material to the status of the Dubai service.
Key facts
- Bybit announced securing a VARA VASP licence for exchange services covering spot trading in Dubai.
- VARA's public register still records Bybit Fintech FZE as having In-Principle Approval, which prohibits operating or servicing clients.
- The scope of Bybit's stated licence is limited to spot trading and does not cover derivatives.
Source excerpt · FinanceFeeds
Bybit says its Dubai entity has secured a Virtual Asset Service Provider licence from the Virtual Assets Regulatory Authority for exchange services covering spot trading. However, VARA’s public register still lists Bybit Fintech FZE as holding In-Principle Approval , not a full VASP licence. VARA says an IPA is conditional and prohibits the holder from operating, conducting virtual asset activitie…