{"id":48257,"date":"2025-02-27T15:48:34","date_gmt":"2025-02-27T15:48:34","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/uae-approved-bybits-in-principal-approval-days-before-hack\/"},"modified":"2025-02-27T15:48:34","modified_gmt":"2025-02-27T15:48:34","slug":"uae-approved-bybits-in-principal-approval-days-before-hack","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/uae-approved-bybits-in-principal-approval-days-before-hack\/","title":{"rendered":"UAE approved Bybit&#8217;s in-principal approval days before hack"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/ByBit-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/ByBit-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/ByBit-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/07\/ByBit-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul class=\"wp-block-list\">\n<li>The approval came days before Bybit suffered what\u2019s considered the biggest crypto hack last week<\/li>\n<li>Bybit received approval from the UAE\u2019s Securities and Commodities Authority (SCA)<\/li>\n<li>The exchange is expanding its presence in key countries including India, Georgia, Kazakhstan, and Turkey<\/li>\n<\/ul>\n<p>Crypto exchange Bybit has received in-principal approval to establish a virtual assets platform in the United Arab Emirates (UAE).<\/p>\n<p>In a <a href=\"https:\/\/www.bybit.com\/en\/press\/post\/bybit-receives-in-principle-approval-to-establish-virtual-asset-platform-in-the-united-arab-emirates-blt2f7769246ce47265\">blog post<\/a> on February 27, <a href=\"https:\/\/coinjournal.net\/search\/Bybit\">Bybit<\/a> said it had received approval from the nation\u2019s Securities and Commodities Authority (SCA). It also noted that the platform was in the final stages of receiving its full operational license.<\/p>\n<p>Ben Zhou, Bybit\u2019s co-founder and CEO, said:<\/p>\n<p>\u201cThis approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions.\u201d<\/p>\n<h2 class=\"wp-block-heading\">Bybit hack<\/h2>\n<p>According to the post, the in-principal approval was dated February, 18, days before the exchange suffered the biggest crypto hack.<\/p>\n<p>Last Friday, <a href=\"https:\/\/coinjournal.net\/news\/bybit-suffers-1-4-billion-hack-eth-drained-from-exchange-wallet\/\">Bybit was the victim of an exploit<\/a> that saw perpetrators steal nearly $1.5 billion worth of Ethereum from a single wallet. <a href=\"https:\/\/coinjournal.net\/news\/north-koreas-lazarus-group-behind-hack-as-bybit-loses-1-5b\/\">North Korea\u2019s Lazarus Group is believed to have been behind the hack<\/a>; however, it hasn\u2019t confirmed or denied this allegation.<\/p>\n<p>Despite recovering from the hack, investor confidence remains cautious. Since then \u2013 and among other geopolitical issues \u2013 the crypto market has reacted negatively. <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-drops-below-84k-as-markets-react-to-tariffs\/\">Bitcoin fell to $84,000<\/a> yesterday, its lowest level since last November; however, at the time of publishing it has risen slightly to $86,000, according to data from CoinMarketCap.<\/p>\n<p>Speaking more about the in-principal approval, Zhou said:<\/p>\n<p>\u201cBybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.\u201d<\/p>\n<p>Besides the UAE, Bybit is continuing to secure regulatory approvals, expanding its presence in Georgia, India, Kazakhstan, and Turkey.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/uae-approved-bybits-in-principal-approval-days-before-hack\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The approval came days before Bybit suffered what\u2019s considered the biggest crypto hack last week Bybit received approval from the UAE\u2019s Securities and Commodities Authority (SCA) The exchange is expanding its presence in key countries including India, Georgia, Kazakhstan, and Turkey [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":48258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/48257"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=48257"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/48257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/48258"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=48257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=48257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=48257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}