Bybit announced today that its Dubai entity, Bybit Fintech FZE, has obtained a VARA VASP license covering spot trading services. The license is listed as Active in VARA’s public register (issued on 2026-06-20), and theoretically allows it to serve retail, qualified, and institutional clients. But don’t pop the champagne just yet—the company itself acknowledges that it still needs to complete VARA’s go-live process and meet operational requirements before it can actually open for business. It hasn’t said a word about the timeline. Bybit waited three years for this license: it received an MVP license in June 2023 and in-principle approval in September 2024, but both were just paper progress that didn’t allow it to operate. Add the federal SCA license it received in October 2025 (which doesn’t cover Dubai), and its Middle East compliance puzzle is now nearly complete. With 80 million-plus users, the exchange can’t afford to fall behind in the compliance arms race—and the next question is when its derivatives license will be approved. Chief Compliance Officer Peter Loo has already publicly said he wants one.

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