Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has secured 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 statement.
A number of crypto firms with operations in Dubai are regulated under the VARA framework. The SCA regulation is wider in scope as it applies on 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’s Virtual Asset Platform Operator License, Bybit will offer regulated virtual asset trading, brokerage, custody, and fiat conversion services to both retail and institutional clients across the UAE.
The exchange plans to expand its local footprint by establishing a larger regional operations center in Abu Dhabi with over 500 employees across Abu Dhabi and Dubai, accelerating local hiring across compliance, operations, and customer service, and introducing new education and Web3 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, in navigating SCA’s framework. Earlier this year, Bybit snagged a Markets in Crypto Assets (MiCA) license, and the firm also resumed full trading 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,” said Bybit CEO Ben Zhou in a statement.