Bybit announced on Monday, April 17, that they have opened their headquarters in Dubai.
With 15 million users worldwide, Bybit is one of the first crypto exchanges to receive principle approval from the Virtual Asset Regulatory Authority (VARA) to operate in Dubai. The company expects to receive a full license in the second quarter of this year.
Bybit Aims To Double Its Trading Volume
Bybit CEO and co-founder Ben Zhou, who made a statement on the subject, said: “As one of the most progressive digital asset centers in MENA and the world, Dubai is in the best position to seize opportunities in the industry.” Dubai is one of the seven emirates that make up the United Arab Emirates (UAE) and is seen as a promising crypto hub in the region.
However, Bybit said it aims to double its trade volume in the MENA region this year. The company also underlined that among its plans, they aim to recruit 100 additional staff for its Dubai headquarters. The firm will also relocate approximately 80 employees from Hong Kong and Singapore to the new headquarters.
Bybit, like other companies in the industry, had to go through layoffs during the last crypto winter. In the process, the company faced a derivatives trading ban in Brazil and some penalties in Canada.
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