The United Arab Emirates approved Bybits in-Principal approval days before hack

• The approval took place before BYBIT suffered
last week as the biggest crypto hack
• The Bitbit received approval from the Securities and Commodities Authority (SCA) of the VAE)
• The exchange extends its presence in key countries such as India, Georgia, Kazakhstan and Turkey

Crypto Exchange Bybit has received an approval set up in the United Arab Emirates (VAE) for the establishment of a virtual asset platform.

in a Blog contribution on 27. February announced bybit that the nation (SCA) securities and raw material authority had received approval. It was also found that the platform was in the last phases of maintaining its complete operational license.

Ben Zhou, co -founder and CEO of bybit, said:

"This admission is a crucial step on our trip to offer safe and transparent crypto trade solutions."

Bybit Hack

According to the post office, the in-principal approval from February, 18 days before the exchange, was dated the greatest crypto hack. Last Friday, Bitbit was the victim of an exploit in which perpetrator Ethereum worth almost 1.5 billion US dollars from a single wallet. It is believed that the North Korea's Lazarus group is behind the hack. However, it has not confirmed or denied this claim.

Although the intake of the investor has recovered from the hack, she remains careful. Since then, the crypto market has reacted negatively, among other things, geopolitical topics. Yesterday Bitcoin fell to 84,000 US dollars, the lowest level since last November. At the time of publication, however, it rose slightly to $ 86,000 according to CoinmarketCap.

Zhou said more about the imprinting approval, said Zhou:

"Bybit is still used to work hand in hand with the supervisory authorities to promote a conformity and innovative digital digital asset ecosystem for retail and institutional investors in the United Arab Emirates."

In addition to the VAE, Bitbit continues to set official permits and expand its presence in Georgia, India, Kazakhstan and Turkey.