Summary: Bybit, a prominent cryptocurrency exchange based in the Seychelles, offers services in more than 160 countries while adhering to regional regulations. It restricts access in jurisdictions including the United States, China, and parts of Canada, in compliance with local laws.
Bybit's commitment to secure and regulated trading is underscored by its pursuit of tier-1 licensure, its recent acquisition of a license in Cyprus, and a preparatory license from Dubai's VARA.
Get the daily newsletter keeping 200,000 investors ahead of the market.
What Countries Does Bybit Restrict?
Bybit, a leading global digital asset exchange, enforces access restrictions in 12 jurisdictions due to regulatory measures imposed by local financial authorities. These restrictions are particularly evident in the United States, mainland China, Singapore, and specific Canadian provinces, namely Quebec and Ontario.
In accordance with Section 12.3 of Bybit's Service Agreement, access is also denied in areas affected by political sensitivities or subject to international sanctions. This includes North Korea, Cuba, Iran, and Uzbekistan, along with regions like Crimea, Donetsk, and Luhansk. Additionally, Bybit's services are not available in Syria. Users must be aware of these restrictions to ensure compliance with Bybit's policies.
What Countries Does Bybit Support?
Bybit provides services to customers across a broad spectrum, covering more than 160 countries worldwide. This expansive coverage includes the United Kingdom, numerous countries within the European Union, Australia, and various other regions where cryptocurrency trading complies with local regulations.
Potential users must note that Bybit's availability depends on the local legal framework regarding cryptocurrency trading. The platform ensures adherence to these laws, thereby aligning its services with the legal and regulatory environment of each country. Users are advised to verify whether their region permits using Bybit's services, as this may vary due to changes in local laws and regulations related to cryptocurrencies.
Bybit Licenses and Regulations
Based in the Seychelles, Bybit largely operates within a regulatory grey area in the cryptocurrency exchange landscape. However, they are actively pursuing tier-1 licensure to bolster their regulatory compliance. This initiative is evident in their recent acquisition of a license for crypto exchange and custody services in Cyprus, marking a significant step in aligning with the European Union's regulatory standards.
Furthermore, Bybit's subsidiary, Bybit Fintech FZE, has been granted a Minimum Viable Product (MVP) Preparatory License by Dubai’s Virtual Assets Regulatory Authority (VARA). While this license does not currently enable full virtual asset operations in Dubai, it indicates Bybit's progress towards meeting the stringent requirements for operational permission in the UAE.
These developments reflect Bybit's ongoing efforts to enhance its regulatory standing and expand its global footprint within a compliant and transparent framework, in line with the evolving standards of the cryptocurrency industry.
Does Bybit Require KYC?
Yes, Bybit implements KYC (Know Your Customer) procedures for users on its platform. This process is a common industry practice aimed at verifying clients' identities. Bybit's KYC process typically requires users to provide and validate personal identification documents, such as a driver's license or passport. For specific information on the levels of ID verification required by Bybit, users should consult the platform's official guidelines and resources.
Can I Use Bybit in the US?
No, Bybit does not officially support its services in the US, adhering to the country's regulatory standards. While it is technically possible to access Bybit using a Virtual Private Network (VPN), this action might contravene Bybit's terms of service and could also breach US laws. Users should always consider the legal and regulatory implications of accessing cryptocurrency platforms in jurisdictions that are not officially permitted.
In summary, Bybit demonstrates a strategic approach to global regulatory compliance, balancing service restrictions in certain areas with broad availability in over 160 countries. The platform's recent licensing achievements in Cyprus and Dubai, along with its diligent implementation of KYC procedures, showcase its commitment to aligning with international regulatory standards. Users are advised to remain aware of the legal status of cryptocurrency trading in their regions and respect Bybit's terms of service to ensure a compliant and secure trading experience.