Bybit secured UAE in-principle approval days before $1.4B hack

Bybit is nearing a full operational license in the UAE, expanding globally despite regulatory challenges and the $1.4 billion crypto hack.

Troubled cryptocurrency exchange Bybit is making preparations for a full operational license in the United Arab Emirates (UAE) after recently suffering a $1.4 billion hack.

Bybit received in-principle approval to set up a virtual asset platform operator in the UAE from the Securities and Commodities Authority (SCA), the exchange announced on Thursday, Feb. 27.

The approval marks a significant regulatory milestone for Bybit as it entered the final stages of obtaining the full operational license.

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