Cryptocurrency exchange Bybit registers as a virtual asset service provider and card operator in Argentina
Date: 2024-08-16 Author: Gabriel Deangelo Categories: IN WORLD
Cryptocurrency exchange Bybit has received the status of a virtual asset service provider (VASP) and card operator in Argentina, registering with the country’s Financial Information Unit (FIU).
Argentina has previously taken steps to legalize the activities of cryptocurrency exchanges and virtual asset service providers. In March, the National Securities Commission (CNV) of Argentina issued a General Resolution requiring such services to comply with the Financial Action Task Force (FATF) recommendations on combating money laundering and the financing of terrorism.
As a result, Bybit, which is headquartered in Dubai, UAE, has registered as Bybit Fintech FZE in the British Virgin Islands. This comes amid the company’s recent exit from the Canadian market and a warning from the Japanese regulator. However, Bybit is actively expanding its presence in Latin America.
Argentina’s regulations require cryptocurrency exchanges like Bybit to register with a special registry before commencing operations. Failure to do so could result in a ban from the country. Bybit CEO Ben Zhou said the company is excited to become a registered VASP and card operator in Argentina, emphasizing the importance of compliance.
A June report from research firm Kaiko found that Bybit has overtaken Coinbase to become the second-largest cryptocurrency exchange in the world after Binance. Bybit’s success is due to the launch of a spot Bitcoin ETF in the US and a competitive fee structure, making it one of the leaders in the global cryptocurrency market.
These achievements highlight Bybit’s ambition to continue growing and expanding in the global crypto trading ecosystem, including actively participating in the development of Latin American economies like Argentina.
