Bybit moved its international headquarters to Dubai in 2022 and received in-principle approval from the emirate's regulator in 2024. Two years later, its local entity Bybit Fintech FZE has obtained a full Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA).

The license covers spot crypto trading only. Derivatives are not included yet.

Chief Legal and Compliance Officer Peter Loo said the exchange plans to apply to expand the license scope to derivatives trading, which will require a separate approval from VARA. Until then, Bybit's Dubai entity can offer regulated spot services in the emirate.