Bybit Secures Active Dubai License for Spot Trading Under Exchange Services

Key Facts

Dubai’s Virtual Assets Regulatory Authority (VARA) listed Bybit Fintech FZE in its register with an active license for virtual asset services, reference VL/26/10/003, issued on October 20, 2026. Bybit said the license for exchange services covers spot trading, while the authority’s register describes the licensed activity as “Exchange Services” without specifying spot trading. The register allows the company to serve institutional, qualified and retail investors. The full license authorizes the company to operate the registered activity, unlike an initial approval, which does not allow operations to begin or customers to be served. The move follows a regulatory process that the company said began with a non-operational initial approval in 2024.

The difference in wording between VARA’s register and the company’s statement limits what can be stated with certainty about the scope of the activity. The register lists Exchange Services, while Bybit’s statement specifies spot trading as covered by the license. VARA’s register does not include derivatives among the company’s licensed activities. Bybit’s compliance chief said the company hopes to add derivatives “in due course,” subject to obtaining the necessary regulatory approvals. The statement did not specify a timeline for the step. The current license scope therefore remains narrower than the derivatives trading activity the company seeks to add later.

Bybit established its international headquarters in Dubai in 2022, according to the company’s statement, which linked the license to building its business within local regulatory frameworks and developing its services in the emirate. Co-CEO and co-founder Ben Zhou said Dubai “has made significant progress in building a regulatory environment for virtual assets,” adding that the company looks forward to continuing its work there in line with VARA standards. The statement does not include a specific regional expansion plan. It also does not give a timeline for launching additional services under the license. This context ties the decision to the company’s presence in Dubai for several years, while the scope of its activities remains governed by what the authority has listed and what it may approve later.

The license is part of broader regulatory progress that Bybit said it made during 2026, including five new licenses and approvals in the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador. The approvals come as the company seeks to operate within regulatory frameworks across multiple markets, according to its statement. In Dubai, VARA regulates virtual assets in free zones and on the mainland, excluding the Dubai International Financial Centre. Dubai Law No. 4 of 2022 requires a VARA permit to conduct related activities, including exchanging virtual assets for national or foreign currencies or exchanging them with one another. This regulatory framework makes it practically important to determine which activities each company is authorized to carry out in the emirate.

VARA records show that license scopes differ among companies: Binance’s active license includes exchange services covering virtual asset derivatives trading, while the active license of OKX Middle East Fintech FZE also includes derivatives trading under exchange services. This does not mean that Bybit’s license covers the same activity, as derivatives do not appear among its registered activities. Bybit announced on September 16, 2024, that its Dubai entity had received a non-operational initial approval for virtual asset trading platform services, describing it at the time as a step toward full operational approval. VARA says a holder of initial approval may not begin operations, conduct virtual asset activities or serve customers before obtaining a full license. The license issued on October 20, 2026, marks the company’s move from that stage to an active license for Exchange Services, while any addition of derivatives remains subject to subsequent regulatory approval.