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Bybit Receives Preparatory License for Virtual Assets Exchange in Dubai

June 27 (Cointime) - Bybit, a cryptocurrency exchange headquartered in Dubai, has received a preparatory license from Dubai's Virtual Assets Regulatory Authority (VARA) for its subsidiary, Bybit FinTech FZE. However, the current license restricts the exchange from serving all customers.

Bybit is working towards obtaining a full market product (FMP) license, which will enable it to operate for a full spectrum of customers in the United Arab Emirates. Once fully licensed, Bybit plans to offer a range of virtual asset exchange services, including advisory, broker-dealer, custody, and investment services.

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