05-30-2023, 11:54 AM
Bybit Secures Preliminary Approval to Operate in Kazakhstan
<p>Bybit, a cryptocurrency derivatives <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" rel="follow">exchange</a>, has been issued an 'in-principle' license by the regulators in Kazakhstan, according to a press release shared
with Finance Magnates on Monday.</p><p>The license, issued by
Astana Financial Services Authority (AFSA), allows Bybit to run a digital asset trading facility and to offer custody services at the Astana International Financial Centre
(AIFC), which is a financial hub based in Astana. According to the press release, the
approval subjects the exchange to pre-conditions that will lead to permanent
authorization once the full license application process is complete.</p><p>"We are delighted to
receive an in-principle approval from AFSA," Bybit's CEO and Co-Founder, Ben Zhou, said, adding that "we believe in the promising potential of the Commonwealth of Independent States (CIS) and are eager to open up our world-class
<a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__main-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> from crypto enthusiasts in the region."</p><p>A 'Gateway' to the CIS Region</p><p>CIS, a regional intergovernmental organization formed
after the collapse of the Soviet Union, resents a vibrant
market for the adoption of digital assets and is a promising hub for cryptocurrencies,
mining, and <a href="https://www.financemagnates.com/terms/b/blockchain/" class="terms__secondary-term" id="be18ed01-45fc-4044-b447-06802a10dbcd">blockchain</a> technology, ByBit noted.</p><p>Last month, Bybit <a href="https://www.financemagnates.com/cryptocurrency/bybit-reports-50-users-jump-establishes-global-headquarters-in-dubai/" target="_blank" rel="follow">announced</a> its global headquarters for operations in Dubai to
strengthen its presence in the Middle East and North Africa (MENA) region
following an increase of 50% in the exchange’s clients. Situated at the Dubai World
Trade Center, Bybit’s new headquarters would enable the firm to organize
hackathons, launch educational programs, and nurture entrepreneurial activities
in the Web3 space.</p><p>Bybit’s Challenges amid Global Expansion</p><p>Bybit’s push for international expansion has not been
without challenges. Japan’s Financial Services Agency (FSA) <a href="https://www.financemagnates.com/cryptocurrency/messi-endorsed-crypto-exchange-bitget-has-been-flagged-by-japan/" target="_blank" rel="follow">issued
a warning</a> against the
platform this year, warning it against operating in the country without registration. On top of that, the financial watchdog slammed a similar warning against several other exchanges, including BitForex, MEXC Global, and
Bitget.</p><p class="MsoNormal">Besides regulatory hurdles, the exchange <a href="https://www.financemagnates.com/cryptocurrency/bybit-announces-new-job-cut-5-months-after-workforce-trim/" target="_blank" rel="follow">was forced to trim its workforce</a> towards the end of last year,
five months after announcing another 30% of staff being cut. The action followed a prolonged
crypto winter which pushed several cryptocurrency companies into
bankruptcy. </p><p class="MsoNormal">Additionally, Zhou revealed that the exchange suffered financial exposure to the sum of $150 million due to the bankrupt crypto lender Genesis Global
Trading. He noted that $120 million of this amount was collateralized and had
already been liquidated.</p><p class="MsoNormal">Scope Markets' new hire; more features on CQG; <a href="https://www.financemagnates.com/forex/news-nuggets-29-may-scope-markets-new-hire-more-features-on-cqg/" target="_blank" rel="follow">read today's news nuggets</a>.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...azakhstan/
<p>Bybit, a cryptocurrency derivatives <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" rel="follow">exchange</a>, has been issued an 'in-principle' license by the regulators in Kazakhstan, according to a press release shared
with Finance Magnates on Monday.</p><p>The license, issued by
Astana Financial Services Authority (AFSA), allows Bybit to run a digital asset trading facility and to offer custody services at the Astana International Financial Centre
(AIFC), which is a financial hub based in Astana. According to the press release, the
approval subjects the exchange to pre-conditions that will lead to permanent
authorization once the full license application process is complete.</p><p>"We are delighted to
receive an in-principle approval from AFSA," Bybit's CEO and Co-Founder, Ben Zhou, said, adding that "we believe in the promising potential of the Commonwealth of Independent States (CIS) and are eager to open up our world-class
<a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__main-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6">trading platform</a> from crypto enthusiasts in the region."</p><p>A 'Gateway' to the CIS Region</p><p>CIS, a regional intergovernmental organization formed
after the collapse of the Soviet Union, resents a vibrant
market for the adoption of digital assets and is a promising hub for cryptocurrencies,
mining, and <a href="https://www.financemagnates.com/terms/b/blockchain/" class="terms__secondary-term" id="be18ed01-45fc-4044-b447-06802a10dbcd">blockchain</a> technology, ByBit noted.</p><p>Last month, Bybit <a href="https://www.financemagnates.com/cryptocurrency/bybit-reports-50-users-jump-establishes-global-headquarters-in-dubai/" target="_blank" rel="follow">announced</a> its global headquarters for operations in Dubai to
strengthen its presence in the Middle East and North Africa (MENA) region
following an increase of 50% in the exchange’s clients. Situated at the Dubai World
Trade Center, Bybit’s new headquarters would enable the firm to organize
hackathons, launch educational programs, and nurture entrepreneurial activities
in the Web3 space.</p><p>Bybit’s Challenges amid Global Expansion</p><p>Bybit’s push for international expansion has not been
without challenges. Japan’s Financial Services Agency (FSA) <a href="https://www.financemagnates.com/cryptocurrency/messi-endorsed-crypto-exchange-bitget-has-been-flagged-by-japan/" target="_blank" rel="follow">issued
a warning</a> against the
platform this year, warning it against operating in the country without registration. On top of that, the financial watchdog slammed a similar warning against several other exchanges, including BitForex, MEXC Global, and
Bitget.</p><p class="MsoNormal">Besides regulatory hurdles, the exchange <a href="https://www.financemagnates.com/cryptocurrency/bybit-announces-new-job-cut-5-months-after-workforce-trim/" target="_blank" rel="follow">was forced to trim its workforce</a> towards the end of last year,
five months after announcing another 30% of staff being cut. The action followed a prolonged
crypto winter which pushed several cryptocurrency companies into
bankruptcy. </p><p class="MsoNormal">Additionally, Zhou revealed that the exchange suffered financial exposure to the sum of $150 million due to the bankrupt crypto lender Genesis Global
Trading. He noted that $120 million of this amount was collateralized and had
already been liquidated.</p><p class="MsoNormal">Scope Markets' new hire; more features on CQG; <a href="https://www.financemagnates.com/forex/news-nuggets-29-may-scope-markets-new-hire-more-features-on-cqg/" target="_blank" rel="follow">read today's news nuggets</a>.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...azakhstan/