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Bybit has obtained a Dubai license for spot cryptocurrency trading after more than four years of regulatory reviews, while derivatives remain outside its current authorization.
The exchange confirmed the decision on October 22, saying Dubai's Virtual Assets Regulatory Authority (VARA) had licensed its local entity, Bybit Fintech FZE, to provide exchange services.
Bybit established its international headquarters in Dubai in 2022. The latest approval follows a separate federal license from the UAE's Securities and Commodities Authority last year.
VARA's public register identifies Bybit Fintech FZE as an active virtual asset service provider. The entry gives October 20, 2026, as the license date and allows the company to serve retail, qualified and institutional investors. It also identifies exchange services as the approved activity, without listing derivatives. The record carries reference number VL/26/10/003 and names the company's office at Dubai World Trade Centre.
The date differs from some accounts that cited June 20 and said the register showed the application as "Pending" when Bybit announced its approval. The regulator's current listing instead shows the license as "Active." Bybit's announcement did not give an issue date. VARA oversees virtual asset activities across Dubai, excluding the Dubai International Financial Centre, which has a separate regulator.
Bybit began seeking regulatory authorization in March 2022, when VARA granted provisional approval. It moved to a Minimum Viable Product Preparatory License in 2023 and obtained provisional non-operational approval for exchange services in September 2024.
Those stages allowed the firm to continue the licensing process but did not permit it to start regulated spot trading in Dubai. The full license now covers the exchange services listed in VARA's register.
In October 2025, the UAE's Securities and Commodities Authority gave Bybit a separate federal license. According to the company, that authorization covers trading, brokerage, custody and conversions between fiat money and crypto assets. The federal authorization applies across the UAE, while VARA continues to oversee regulated virtual asset businesses in Dubai. Bybit also secured a European Union crypto license in May 2025.
In its October 22 statement, Bybit cited five new licenses and regulatory approvals across the European Union, Cayman Islands, Indonesia, South Africa and El Salvador during 2026. Chief Executive Ben Zhou said the company would continue working within VARA's standards as it expanded its Dubai business. The exchange also said it was investing in compliance, security and risk management.
Peter Loo, Bybit's chief legal and compliance officer, said derivatives could be added to its Dubai business in the future. However, he made clear that this would be "subject to the necessary regulatory approvals."
Bybit offers derivatives in other markets, but its Dubai license does not include permission to offer them. Loo said the company wants to follow the required process before introducing more products locally.
The decision follows the February 2025 hack in which attackers stole approximately USD 1.5 billion from Bybit. The FBI attributed the theft to North Korea's TraderTraitor cyber operators and said they moved stolen assets across numerous blockchain addresses.
The attackers converted some of the stolen funds into Bitcoin and other cryptocurrencies while distributing them across multiple networks. Following the breach, Bybit increased its focus on security and regulatory compliance. The company says it has more than 80 million users worldwide.
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