ByBit has obtained a license to operate as a cryptocurrency exchange and custody service in Cyprus, strengthening the country’s crypto ecosystem after Binance’s departure. ByBit will offer trading between crypto and fiat currency pairs and other related financial services.
Cyprus is becoming a crypto hotspot, with the government expressing its intention to adopt blockchain technologies and become a hub for disruptive technologies. Despite this, adoption levels are still lower than those observed in Malta, which has three times as many blockchain-related jobs per capita and is commonly referred to as “Blockchain Island.”
ByBit recognizes the potential of the Cyprus market and hopes that its newly approved license will contribute to the local cryptocurrency ecosystem.