Cryptocurrency exchange Bybit has recently registered as a virtual asset service provider (VASP) in Argentina and has also become a card operator with the Financial Information Unit (FIU). Bybit’s registration as a VASP comes as part of new measures introduced by the Argentine government to legalize the activities of cryptocurrency exchanges and service providers of virtual assets. This move highlights Bybit’s commitment to compliance and expansion in the Latin American region.
Headquartered in Dubai, UAE, Bybit is registered as Bybit Fintech FZE in the British Virgin Islands. The exchange recently exited the Canadian market and received a warning from the Japanese regulator, but it is now focusing on growth opportunities in Latin America. By registering as a VASP in Argentina, Bybit aims to ensure that it complies with the Financial Action Task Force’s anti-money laundering and countering the financing of terrorism recommendations.
Argentina’s National Securities Commission issued General Resolution No. 994/2024 in March, which requires service providers of virtual assets to comply with FATF’s AML/CFT recommendations. ByBit and other exchanges are now required to register with a special registry before starting operations, effectively obtaining a VASP license. Bybit’s co-founder and CEO, Ben Zhou, expressed excitement about the registration and emphasized the company’s commitment to compliance and supporting Argentina’s economic growth.
In June, crypto research firm Kaiko reported that Bybit had surpassed Coinbase to become the world’s second-largest cryptocurrency exchange by volume after Binance. Bybit’s growth can be attributed to the launch of spot Bitcoin ETFs in the US and its competitive fee structure. This achievement solidifies Bybit’s position as a major player in the global crypto trading ecosystem and demonstrates its ability to adapt and thrive in a competitive market.
Bybit’s success in becoming the second-largest cryptocurrency exchange globally underscores the company’s dedication to providing accessible and secure digital asset services to users worldwide. By focusing on compliance and innovation, Bybit is poised to continue its growth trajectory and expand its presence in new markets. As the regulatory landscape for cryptocurrencies continues to evolve, Bybit’s proactive approach to compliance and expansion sets a positive example for other exchanges in the industry.
