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Bybit Fintech FZE, the Dubai entity of the crypto exchange Bybit, holds a full licence from Dubai’s Virtual Assets Regulatory Authority (VARA) for exchange services. VARA’s public register lists it as an active VASP licence, reference VL/26/10/003, issued on 20 October 2026. Bybit announced it on 22 October.
Key takeaways
Bybit Fintech FZE holds a full VARA licence for exchange services. VARA’s register shows reference VL/26/10/003, issued on 20 October 2026, and Bybit announced it on 22 October.
The licence lets it serve retail, qualified and institutional investors, but it doesn’t cover derivatives. Bybit says it must still complete VARA’s launch process before starting Dubai services, and gave no date.
Bybit also holds a separate UAE federal licence from October 2025, which excludes Dubai. Outlets disagree on the VARA issue date, and the register shows 20 October.
What the register shows
The licence covers exchange services only and allows Bybit to serve institutional, qualified and retail investors. Its principal place of business is One Central, Dubai World Trade Centre. The licence covers spot trading. VARA advises checking the full record of regulated activities, because a licence covers only the activities listed.
The register shows 20 June 2026 as the issue date. The register itself shows 20 October, and the reference number follows Payward’s VL/26/10/002 (6 October), so October is consistent.
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No derivatives, and not live yet
The licence doesn’t permit derivatives.
Peter Loo, Bybit’s chief legal and compliance officer, said: “In time, we also hope to expand our licensed activities to include derivatives.”
VARA allows an exchange to offer derivatives only if the permission is explicitly in its licence, and that Binance and OKX already hold derivatives permissions.
A Bybit spokesperson told Cointelegraph the company must still complete VARA’s launch process and meet operational requirements before starting spot trading in Dubai. The earlier VARA approval, in 2024, was non-operational and didn’t allow Bybit to serve Dubai customers.
A separate federal licence
In October 2025 Bybit received a Virtual Asset Platform Operator licence from the UAE’s federal securities regulator, then the SCA. Bybit’s service terms exclude Dubai from the jurisdictions served by that entity. Bybit hasn’t explained how the VARA licence differs from the federal one.
Where it sits on the register
Bybit’s is the third VARA licence of October, after Rain MENA FZE (exchange and broker-dealer, 5 October, covered here) and Kraken’s parent Payward (broker-dealer and management and investment services, 6 October). The register also lists exchange-services licences issued this year to YHEGO (2 June), ARBEAT (23 June) and Flipster (14 July).
What’s next
Bybit hasn’t given a Dubai launch date, said which assets it will list or what it will charge. It hasn’t said when it expects to apply for derivatives.
FAQs
What licence does Bybit have from VARA?
A VASP licence for exchange services, reference VL/26/10/003, issued 20 October 2026, active.
Can Bybit offer derivatives in Dubai?
Not under this licence. Bybit says it hopes to expand its licensed activities to include derivatives in time.
Is Bybit live in Dubai?
Not yet. Bybit says it must complete VARA’s launch process and operational requirements first.
Does Bybit have other UAE licences?
Yes. It received a federal Virtual Asset Platform Operator licence in October 2025. Its service terms exclude Dubai from that entity.
What is spot trading?
Buying and selling a crypto asset at its current price for immediate settlement, as opposed to derivatives such as futures.
Editor’s Take: VARA’s register confirms the licence: exchange services, active, retail, qualified and institutional investors, issued 20 October. It covers spot trading only, and derivatives, which Bybit describes as core to its business elsewhere, would need a separate permission. Bybit isn’t live in Dubai and gave no date. Bybit’s federal licence leaves out Dubai, so the VARA licence is what lets it serve the emirate. Outlets reported different issue dates, which the register settles at 20 October.