Crypto adoption in Cyprus beefed up by ByBit license approval
Following Binance’s departure from Cyprus, ByBit strengthens the island’s crypto ecosystem after acquiring an operating license. Crypto exchange Bybit revealed it has acquired a license to operate as an exchange and custody service in Cyprus. The world’s third most visited crypto exchange will begin offering trading between crypto and fiat currency pairs, and crypto-related financial services. Cyprus is the third most populous island in the Mediterranean Sea, with a population of 1.2 million people. In a press release, Ben Zhou, the co-founder and CEO of Bybit, explained the importance of expanding the group’s global presence, highlighting the role of crypto as a way of opting out of the legacy financial system: “We are excited to introduce the Crypto Ark to Cyprus.“ Cyprus is increasingly a crypto hotspot in the Mediterranean, in some parts driven by actions from the public sector. In 2022, Kyriacos Kokkinos, the deputy minister to the president for research at the time, explained t...