Crypto exchange Bybit has announced that it has received a license to offer digital asset exchange and storage services in Cyprus.
The move reportedly demonstrates the company's commitment to comply with local regulations.
Ben Zhou, CEO of the platform, has said:
"We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent."
Binance received a digital asset provider license from the Cyprus regulator in the fall of last year. However, the company withdrew the registration earlier this month.
Companies in the European Union are preparing for MiCA, which will allow them to serve the entire bloc with a single member state license.