- Bybit has achieved another regulatory milestone.
- The exchange secured VASP registration in Georgia.
- Bybit said it will foster crypto development locally and abroad.
Crypto exchange Bybit today announced that the National Bank of Georgia had registered it as a virtual asset service provider (VASP), marking a significant milestone in its commitment to regulatory compliance.
Established in March 2018, Bybit is among the world’s leading digital asset trading platforms. Its comprehensive crypto offering, including spot, futures, and options, serves over 50 million users and institutions. According to its website, Bybit accounts for over $25 billion in daily average trading volume and is accessible in over 196 countries.
Bybit Unlocks a New Regulated Market
In a press release on November 5, Bybit said the registered VASP status in Georgia positioned it as an active and reliable partner in fostering the country’s digital economic development and creating a transparent and secure environment for crypto users globally.
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“This registration underlines our commitment to providing users in Georgia with a secure and compliant platform, further contributing to the region's ambition of becoming a hotbed for blockchain innovation,” Bybit Co-founder and CEO, Ben Zhou, stated.
The development added to Bybit’s regulatory compliance momentum, which has seen the exchange secure licensing and registrations in various key markets. In addition to obtaining preliminary approval for VARA’s crypto license in Dubai, the exchange recently bagged Kazakhstan’s full authorization, making it an early entrant into the country alongside Binance.
Bybit has also been authorized to operate in the Netherlands and Turkey, where it has introduced Turkish Lira (TL) trading pairs for users to buy and sell cryptocurrencies directly with fiat currency.
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