news 
The United Arab Emirates (UAE) has granted cryptocurrency exchange Bybit with an in-principal approval just days before the exchange was hit by a massive hack.
On February 18th, the UAE granted Bybit an in-principal approval, which is a significant step towards receiving a full-fledged regulatory license. The approval allows the exchange to operate legally within the Emirates and marks another milestone in its global expansion efforts.
In a statement regarding the development, Bybit’s CEO Rebecca Campbell emphasized the company’s commitment to working closely with regulators to foster a compliant digital asset ecosystem for both retail and institutional investors in the UAE.
“We are thrilled to receive this approval from the UAE authorities,” Campbell said. “Bybit remains dedicated to collaborating with regulatory bodies to create an innovative environment that promotes transparency and trust within the digital asset industry.”
The news comes as Bybit is still recovering from a massive hack on Friday, which resulted in the loss of nearly $1.5 billion worth of Ethereum.
While the company has successfully recovered most of the stolen funds, investor confidence remains cautious amidst the ongoing geopolitical tensions.
However, Bybit’s efforts to secure regulatory approvals suggest that the exchange is committed to maintaining its commitment to compliance and transparency.
Besides securing regulatory approval in the UAE, Bybit is also expanding its presence in other jurisdictions such as Georgia, India, Kazakhstan, and Turkey.
As an emerging player in the cryptocurrency market, Bybit has demonstrated a keen focus on expanding its reach globally and adapting to changing regulations.
Source: https://coinjournal.net/news/uae-approved-bybits-in-principal-approval-days-before-hack/
