Bybit wins VARA approval for spot exchange services in Dubai

Bybit has obtained a Virtual Asset Service Provider licence from Dubai’s Virtual Assets Regulatory Authority for exchange services covering spot trading, adding to the crypto exchange’s regulatory approvals as it expands its international business.

The license was issued to Bybit Fintech FZE and supports the company’s efforts to develop its operations within Dubai’s regulatory framework. Bybit established its international headquarters in the emirate in 2022 and said it remains focused on compliance, security and risk management as it grows its presence across global markets.

The licence is part of Bybit’s extensive regulatory push in 2026, which the company said includes five new licenses and regulatory approvals across the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador.

Bybit said it plans to continue cooperating with regulators and obtaining the necessary permissions in its international markets.

VARA’s role

VARA launched in 2022 as one of the first standalone regulatory bodies designed exclusively for virtual assets. Its framework categorizes crypto firms into specific activity types (exchange services, broker-dealer services, lending, custody) and requires separate approvals for each.

Bybit taps ex-VARA executive to lead global regulatory strategy

In August, Bybit named Peter Loo its new chief legal and compliance officer, tasking the veteran financial services executive with overseeing global regulatory strategy, licensing and compliance.

Loo most recently served as general counsel and head of sector development at Dubai’s VARA, helping establish regulatory frameworks for virtual asset businesses. His previous positions include senior roles at Barclays Capital, MF Global and Amber Group, where he led legal and compliance activities across Europe and the Middle East.

In a statement, Loo said the approval underscored the importance of regulatory oversight and user protection. He added that the company hopes to extend its licensed activities to derivatives trading, which forms a major part of its global business, pending additional regulatory approvals.