Bybit’s Dubai licence limited to virtual asset exchange and spot trading services
Key Facts
Dubai’s Virtual Assets Regulatory Authority (VARA) lists Bybit Fintech FZE’s licence as active, allowing it to provide exchange services to institutional, qualified and retail investors. VARA’s register shows the licence number as VL/26/10/003 and its issue date as October 20, 2026. Bybit announced it had received the licence in a statement published on October 22, saying the exchange services include spot trading. The register specifies the licensed activity as exchange services, while the company’s statement describes the licence’s scope as including spot trading. This sets a clear framework for the services the company can provide under its current Dubai licence.
The licence applies to Bybit Fintech FZE, rather than granting general authorisation covering all of the company’s operations in the UAE or the region. VARA’s register gives the company’s registered principal place of business as Office 4, One Central, Dubai World Trade Centre. It also states that the authority is the sole regulator of virtual assets in Dubai’s free zones and mainland, except within the Dubai International Financial Centre. This geographical scope sits alongside the definition of permitted activities and customers: the register names institutional, qualified and retail investors. The licence is therefore tied to an entity registered in Dubai and to activities classified in the authority’s register, rather than providing open-ended permission to conduct every type of virtual asset activity.
The current register does not list virtual asset derivatives trading among the company’s licensed activities. Bybit said it hopes to expand its licensed activities to include derivatives “over time,” subject to obtaining the necessary regulatory approvals. That condition makes adding derivatives products a later step, rather than part of the licence the company announced in October. The different scopes of licences recorded by VARA show that permission for a particular activity does not automatically transfer from one company to another. Bybit’s current licence lists exchange services, while authority records show that other companies’ licences include derivatives trading under specified conditions.
VARA records show this difference in the licence issued to Binance on April 15, 2024, which permits virtual asset derivatives trading for institutional and qualified investors under a limited derivatives licence. OKX’s licence, issued on September 17, 2024, permits the activity for institutional, qualified and retail investors. By contrast, Bybit’s register entry does not list derivatives services among its currently licensed activities, although the company’s statement says it hopes to add them after securing the necessary approvals. The contrast highlights how customer categories and permitted activities vary by licence. Accordingly, the word “exchange” in Bybit’s register entry does not mean its derivatives are available under this authorisation.
The authority stresses the importance of full licensing for conducting virtual asset activities in Dubai. In October 2024, VARA said it had issued cease-and-desist orders and fines against 7 entities for operating without the required licences or violating marketing rules, and affirmed that providing virtual asset services in Dubai requires a licence from the authority. The public register also states that preliminary approval does not allow entities to begin operations or provide services to customers before obtaining a full VASP licence. Bybit’s licence is listed as active, distinguishing it from the preliminary approval stage, which does not permit operations. These requirements provide a clear regulatory context for the services the company said it would offer in Dubai.
Bybit said Dubai marks an important milestone in its presence there, noting that it established its international headquarters in the city in 2022. The company’s statement links the licence to building its business in line with local requirements, without presenting this as evidence of a broader strategy in the UAE or the region. The company says its platform serves more than 80 million users worldwide. The statement also said its regulatory progress during 2026 included five new licences and approvals across the European Union, the Cayman Islands, Indonesia, South Africa and El Salvador. These figures and descriptions remain attributed to the company, while VARA’s register confirms the details and scope of the local licence.