By Michael Scott
Bybit secured operating approval to strengthen the crypto ecosystem of Cyprus following the sudden exit of Binance. Binance had announced departure from Cyprus to enable it to prioritize operations in mature markets with Europe.
Cyprus Recovers From Sudden Exit of Binance Through Bybit Entry
Bybit, a crypto exchange, disclosed that it has an operating license to carry out operations as both a custody service and exchange in Cyprus.
The platform is currently the world’s third most visited platform and will start facilitating trade between fiat currency and crypto pairs and crypto-associated financial services.
Bybit to Steer Cyprus Objective of Leveraging Crypto Integration into Legacy Financial System
Currently, Cyprus has a population of 1.2 million persons, making it the Mediterranean Sea’s third most populated island. Ben Zhou, ByBit’s CEO and founder, revealed through a press release the significance of enhancing the group’s worldwide presence and highlighted the crypto’s role as a means of pulling out of the legacy financial system.
Cyprus is progressively the Mediterranean’s crypto hotspot, and the public sector plays a significant role. In 2022, the deputy minister to the president, Kyriacos Kokkinos, revealed the nation’s objective of becoming the center for new disruptive technologies, blockchain being one of them.
Cypriot Central Bank Ditches Pronouncements Cautioning Against Crypto
In the past, the Cypriot central bank has cautioned against crypto, and ten years have elapsed since a run on banks resulted in Bitcoin’s price rise by 600 percent. In 2021, the island nation revealed its intent to progress the Distributed Ledger Technology Law bill to implement crypto and blockchain technology. Nevertheless, a decision not to move forward with the bill was thwarted in April 2023 by the Ministry of Finance.
Comparison of Malta Versus Cyprus Crypto Adoption Levels
Nevertheless, the adoption levels remain in place compared to those witnessed on the island of Malta, another country in the Mediterranean. The latter provides thrice greater blockchain-associated jobs per capita.
Besides, ‘Blockchain Island’ is its common name, and Bitcoin originals, which include Adam Bank, continuously praise Malta’s crypto environment.
Bybit Entry into Cyprus Making Binance Deregistration an Inconsequential Process
Additionally, a recent announcement by Binance, the crypto industry’s giant, revealed its intentions to deregister in Cyprus.
Previously, the organization was headquartered in China, but currently, it hosts numerous offices across the globe and in crypto-friendly locations, for instance, Bahrain and Dubai. So far, it has decided to leave Cyprus and pay attention to bigger markets.
Bybit acknowledges the Cyprus market’s significant potential and the newly-accepted approval that will aid in the growth of the local cryptocurrency environment.
Editorial credit: sdx15 / Shutterstock.com