Bybit Expands Crypto Services in Cyprus

Bybit disclosed that it had acquired a license to provide exchange and custody services in Cyprus. The third-most-visited cryptocurrency exchange will offer trading in crypto-to-fiat currency pairs and crypto-related financial services.

With 1.2 million inhabitants, Cyprus is the third-most populous island in the Mediterranean Sea.

Ben Zhou, co-founder and CEO of Bybit, explained the significance of expanding the company’s global presence in a press release, highlighting the role of cryptocurrencies as an alternative to the traditional financial system:

“We are excited to introduce the Crypto Ark to Cyprus.“

Cyprus is becoming a crypto hub in the Mediterranean, partly due to government initiatives.

The deputy minister for research at the time, Kyriacos Kokkinos, stated in 2022 that the country would become a center for disruptive technologies such as blockchain.

The Cypriot central bank has previously cautioned against cryptocurrencies, and a decade has passed since a run on Cypriot institutions caused Bitcoin’s price to surge 600%.

In 2021, Cyprus declared its intent to incorporate blockchain technology and cryptocurrencies by introducing the Distributed Ledger Technology Law; however, in April 2023, the Cypriot Ministry of Finance decided not to advance the bill.

However, adoption rates diminish compared to those observed in Malta, a different Mediterranean nation.

Malta offers three times as much blockchain-related employment per capita and is commonly referred to as “Blockchain Island,” while Bitcoin OGs, such as Adam Back, praise Malta’s crypto environment.

In addition, crypto industry titan Binance recently announced that it would deregister in Cyprus.

Binance’s initial headquarters were in China, but it now has offices around the globe and in crypto-friendly hotspots such as Dubai and Bahrain. It has also abandoned Cyprus to concentrate on larger markets.

Bybit recognizes the “immense potential of the Cyprus market,” and the newly approved license will aid in expanding the local cryptocurrency ecosystem.