Bybit has been granted a license by Argentina’s Financial Intelligence Unit (FIU), allowing the cryptocurrency exchange to offer its complete range of products in the country. This includes access to both spot and derivatives markets for major cryptocurrencies like Bitcoin and Ethereum (ETH). Additionally, Argentine users can now utilize Bybit’s crypto-backed payment cards for digital asset management and spending.
This license signifies a notable step in Argentina’s progressive approach to cryptocurrency regulation, reflecting the country’s commitment to creating a robust and compliant crypto environment. Bybit has assured that its operations will adhere to Argentina’s strict anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, aligning with the Financial Action Task Force’s (FATF) guidelines established by the National Securities Commission (CNV) in March.
Ben Zhou, Co-founder and CEO of Bybit, expressed enthusiasm about the expansion, emphasizing the company’s dedication to compliance and its role in supporting Argentina’s economic development through blockchain technology.
This licensing milestone follows Bybit’s recent decision to halt operations in France due to new regulatory measures. French users are currently restricted to “close-only” mode and must withdraw their assets by August 13. Bybit aims to re-enter the French market once it secures the necessary regulatory licenses.
The expansion into Argentina highlights Bybit’s strategic response to shifting regulatory landscapes while reinforcing its commitment to regulatory adherence and market growth.
August 2024, Cryptoniteuae
