Bybit’s MVP license in Dubai ‘very restricted,’ CEO says
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services. Cryptocurrency exchange Bybit already operates out of Dubai, but its current licensing doesn’t allow the firm to serve all customers, according to its CEO. On June 27, Bybit FinTech FZE, a subsidiary of the global exchange Bybit, announced it received the Minimum Viable Product (MVP) preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA). Speaking to Cointelegraph, Bybit CEO Ben Zhou said the exchange is working hard to acquire a full market product license in Dubai, which will allow the exchange to operate for a full spectrum of customers in the United Arab Emirates. “Bybit already operates out of Dubai; the MVP license only allows Bybit to service a very restricted set of accredited investors,” Zhou said. “I feel positive about our progress as VARA demonstrates an interest and passion for innovation and entrepreneurship,” he...