You Won’t Believe What Happened to Bybit Right After Getting UAE Approval! 😲

by

So, picture this: the beleaguered cryptocurrency exchange, Bybit, just got the golden thumbs-up to operate in the UAE right before a $1.4 billion hack! Talk about timing! 🕒💰

They received a shiny in-principle approval from the Securities and Commodities Authority (SCA), announcing their aspirations on Thursday, Feb. 27. Who knew playing in the crypto sandbox could be so dangerous?! 🏖️💥

This approval is like finding a unicorn while stepping over a pile of broken dreams. It’s a massive step for Bybit as they glide into the final stages of snagging a full operational license, waving at regulators like, “Hey, we’re not just a fantasy!” 🦄👋

Timing Is Everything! 😅

Now, get this—on Feb. 18, Bybit gets the green light and just three days later, BAM! They find themselves the main attraction in the largest crypto hack carnival in history on Feb. 21. 🎪💔

This hack was like a magician pulling a rabbit out of a hat—but with $1.4 billion! It happened during a simple transfer of cash between Bybit’s cold and hot wallets. Who knew wallets could go on such fun trips? 📦🔥

“Our approval is as important as finding the last slice of pizza at a party,” Bybit co-founder and CEO Ben Zhou exclaimed. And he added,

“We’re totally committed to cozying up with regulators to build a compliant and fun digital asset theme park for everyone!” 🎢🎡

Bybit’s Global Plot Twist 🌍

As if that wasn’t enough spice for the noodle, Bybit is also spreading its arms wide in India, Georgia, Kazakhstan, and Turkey, making regulatory magic happen worldwide. 🌎✨

Just on Feb. 25, they decided to make a grand re-entrance to India, strutting their stuff after registering with the government and bringing back all their services. It’s like they went on a vacation and came back with stories! ☀️📖

But first, they had to cough up a $1 million fine to India’s Financial Intelligence Unit because apparently, running a crypto show without a ticket is a no-go! 😱💸

Drama in the EEA and Malaysia! 🎭

Last year, Bybit had to hit the brakes as they adjusted their operations in the European Economic Area due to the notorious MiCA regulations. Ugh, compliance, am I right? 🤦‍♂️

In their defense, they said it was a tough call, but when the law gives you lemons, you find a new recipe! 🍋📜

Good news for Bybit: they got off the naughty list from France’s Autorité des Marchés Financiers! All it took was a bit of time-out and some negotiating. 🕰️✌️

But hold on to your hats! The drama doesn’t stop there! In December 2024, Malaysia’s Securities Commission said, “Uh-oh, you can’t play here unless you get proper papers!” 😂📑

Read More

2025-02-27 14:10