Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has obtained a Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE), the exchange said on Thursday.
Bybit becomes the first crypto exchange to obtain this full license from the SCA, the company said in a press release.
Several crypto companies with operations in Dubai are regulated by the VARA framework. The SCA regulation has a broader scope as it applies in the UAE mainland and applies to entities outside Dubai’s jurisdiction under VARA. (ByBit also has a provisional license under the VARA framework).
Under the SCA virtual asset platform operator license, Bybit will offer regulated virtual asset trading, brokerage, custody and conversion services to retail and institutional clients in the UAE.
The exchange plans to expand its local presence by establishing a larger regional operations center in Abu Dhabi with more than 500 employees in Abu Dhabi and Dubai, accelerating local hiring in compliance, operations and customer service, and introducing new Web3 education and innovation programs in collaboration with local partners, the exchange said.
Bybit initially received its in-principle approval (IPA) from the SCA in February 2025 with the help of the Blockchain Centre, Abu Dhabi, to navigate the SCA framework. Earlier this year, Bybit obtained a Markets for Crypto Assets (MiCA) license and the company also resumed full business operations in India in September.
“Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency,” Bybit CEO Ben Zhou said in a statement.
