Nikolas Sargeant
Bybit, a prominent cryptocurrency exchange, has successfully registered as a virtual asset service provider (VASP) and card operator with Argentina's Financial Information Unit (FIU). This move aligns with Argentina's recent implementation of measures to regulate cryptocurrency exchanges and virtual asset service providers.
Although headquartered in Dubai, UAE, Bybit is registered as Bybit Fintech FZE in the British Virgin Islands. The exchange has recently faced challenges, including exiting the Canadian market and receiving a warning from Japanese regulators. However, it continues to pursue expansion in Latin America.
New Crypto Regulations in Argentina
In March, Argentina's National Securities Commission (CNV) issued General Resolution No. 994/2024, mandating virtual asset service providers to adhere to the Financial Action Task Force's (FATF) recommendations on anti-money laundering and countering the financing of terrorism (AML/CFT).
Under these new regulations, exchanges like Bybit are required to register with a designated registry before commencing operations, effectively obtaining a VASP license. Failure to comply could result in a ban on operating within Argentina.
Ben Zhou, co-founder and CEO of Bybit, expressed enthusiasm about the registration, stating, "We are thrilled to become a registered VASP and card issuer in Argentina, and we take compliance very seriously.
This achievement is a significant milestone in our mission to provide accessible and secure digital asset services globally and demonstrates our commitment to combating financial crime. Bybit is dedicated to supporting Argentina's economic growth."
Bybit Overtakes Coinbase as Second-Largest Crypto Exchange
A June report by crypto research firm Kaiko revealed that Bybit has surpassed Coinbase to become the world's second-largest cryptocurrency exchange by volume, trailing only Binance.
The report highlights Bybit's remarkable growth following the launch of spot Bitcoin ETFs in the US, solidifying its position as a major player in the global crypto trading landscape. Kaiko attributes Bybit's success primarily to its highly competitive fee structure.
