Bybit obtains the first complete cryptocurrency exchange license in the UAE
According to a Thursday news statement, Bybit is the first crypto platform to earn the Securities and Commodities Authority's Virtual Asset Platform Operator License.
Bybit's milestone follows the SCA's February 2025 UAE In-Principle Approval. According to the Bybit team, the complete license means the exchange fulfills the regulator's strict security infrastructure, operational transparency, and compliance standards.
The SCA approval adds to Bybit's major regulatory achievements this year. The EU Markets in CryptoAssets license was the platform's biggest success in May.
Apart from MiCAR, the platform resumed full trading in India in September. The crypto exchange and others were banned by India's Financial Intelligence Unit for operating without registration. It occurred in January 2025.
After registering as a Digital Asset Service Provider and paying a $1 million fine to the FIU, the crypto platform resumed full trading activities.
Bybit has a temporary license from Dubai's Virtual Assets Regulatory Authority, but the SCA license is a big gain since it includes the UAE mainland. Dubai virtual assets and service providers are covered under VARA.
Bybit can extend its crypto trading, brokerage, and custody services throughout the UAE with the SCA Virtual Asset Platform Operator License. The exchange is authorized to serve retail and institutional customers.
Bybit wants to grow throughout the Middle East via Abu Dhabi and Dubai. The exchange wants to recruit locally in compliance, operations, and customer service.
It will also engage with local companies to provide new education and Web3 innovation initiatives.
Expert warns: “Solve quantum by 2026,” 4.5 million Bitcoin at danger
He predicted billions or trillions in network losses if these currencies are not transferred to quantum-resistant addresses once strong quantum computers became operational.
Data-driven market researcher Edwards has long called Bitcoin a long-term store of wealth. He said quantum computing is closer than people think and encouraged the community to create a defense before 2026.
He warned that “if we are one minute too late on quantum, Bitcoin goes to zero.” He wondered whether investors underestimate optimism.
Abracadabra $1.8m hack replicates fork flaw, Hacken says
In early October, Abracadabra, a DeFi lending protocol that lets people borrow its stablecoin MIM using deposited tokens as collateral, was attacked again by hackers and lost $1.8 million after an attacker used a simple logic mistake in the protocol's batch function to borrow without collateral, just days after a forked project was hit.
Abracadabra lets consumers borrow Magic Internet Money, a U.S. dollar-pegged token, using interest-bearing tokens as security. Two components make up the system: Cauldrons, which manage borrowing restrictions, and DegenBox, the token vault. If you deposit collateral in a Cauldron, the DegenBox tracks the money behind the scenes.
