Bybit secured a full license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer spot crypto exchange services. The approval covers its Dubai-based unit, Bybit Fintech FZE.
The license allows the exchange to serve retail, qualified and institutional investors in the emirate. It marks a major step in Bybit’s push to build a regulated presence in one of the world’s fastest-growing crypto hubs.
The approval applies strictly to spot trading. It does not permit Bybit to offer derivatives, which remain a core part of its global business.
The company said it will seek separate approval from VARA for derivatives services. Until then, its Dubai operations will focus on buying and selling cryptocurrencies at current market prices.
Bybit received provisional approval from VARA in 2024. The latest license converts that early clearance into an active authorization for spot exchange services.
Dubai has positioned itself as a leading center for digital assets through clear licensing rules and active oversight. Bybit’s approval adds it to the growing list of global crypto firms operating under VARA’s framework.
The exchange has maintained its international headquarters in Dubai since 2022. The new license strengthens its local footing and gives it a regulated route to reach customers in the UAE. The exchange now faces the next test: securing approval for derivatives and launching its full Dubai platform.
Bybit said the approval reflects its focus on compliance and long-term growth in the region. The company must still complete VARA’s operational requirements before it starts onboarding customers under the license.
For Bybit, Dubai offers both scale and credibility. A VARA license can help attract institutional clients, improve banking access and reassure users in a market where regulatory clarity increasingly shapes competition.
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