Bybit secures Dubai spot trading licence from VARA

Bybit's Dubai unit, Bybit Fintech FZE, obtained a Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority on October 22, 2026. The active approval permits spot cryptocurrency trading for retail, qualified, and institutional investors but excludes derivatives trading. Bybit CEO Ben Zhou and Chief Legal and Compliance Officer Peter Loo noted plans to seek separate approvals for derivatives, adding to five other international approvals in 2026.

Bybit VARA spot trading license

• ▪VARA's public register lists Bybit Fintech FZE as an active licensee authorized to offer exchange services to retail, qualified, and institutional investors.
• ▪Bybit must complete VARA's operational launch requirements before commencing spot trading services for Dubai retail and institutional customers.
• ▪Bybit's Dubai entity, Bybit Fintech FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) on October 22, 2026, permitting cryptocurrency spot trading.

Dubai cryptocurrency derivatives plans and rules

• ▪Bybit's newly granted VARA license is strictly limited to spot exchange services and does not authorize derivatives trading.
• ▪VARA maintains separate regulatory requirements and risk guidelines specifically for cryptocurrency derivatives trading, including client eligibility and margin rules.
• ▪Bybit Chief Legal and Compliance Officer Peter Loo stated that Bybit plans to pursue separate VARA regulatory approvals to introduce cryptocurrency derivatives trading in Dubai.

Peter Loo's background and appointment

• ▪Bybit Chief Legal and Compliance Officer Peter Loo previously held senior legal and compliance positions at Barclays Capital, MF Global, and Amber Group across Europe and the Middle East.
• ▪Bybit established its international headquarters in Dubai in 2022 and appointed former VARA general counsel Peter Loo as Chief Legal and Compliance Officer in August 2026.

Bybit's other regulatory approvals

• ▪Bybit previously secured a full Virtual Asset Platform Operator license from the UAE Securities and Commodities Authority in October 2025, but its scope excludes Dubai.
• ▪Bybit reported securing five additional regulatory approvals during 2026 across the European Union, the Cayman Islands, Indonesia, South Africa, and El Salvador.

Kraken's VARA approval and services

• ▪Kraken plans to offer trading pairs priced in UAE dirhams alongside local currency deposits and withdrawals for United Arab Emirates clients.
• ▪Kraken parent Payward secured full VARA market approval on October 12, 2026, to serve UAE clients with spot trading in dirhams while deferring derivatives.