- Bybit obtains a license for digital asset trading and custody services in Kazakhstan.
- The AFSA authorization allows Bybit to strengthen its presence in the CIS market.
- Bybit recently unveiled an AI tool that offers personalized product recommendations.
Bybit, the third most visited crypto exchange, has achieved a significant milestone in its global expansion efforts. On June 7, 2023, the firm announced that it had been granted a license to operate a digital asset trading facility and provide custody services by the Astana Financial Service Authority (AFSA) in Kazakhstan.
This authorization positions Bybit as an Authorized Market Institution within the Astana International Financial Centre.
Expressing enthusiasm about the achievement, Ben Zhou, Bybit co-founder and CEO, shared the message emphasizing the significance of the license for the firm’s growth in the Commonwealth of Independent States (CIS) and nearby regions. Zhou stated:
Bybit has officially gained the digital asset trading facility and custody license from AFSA Kazakhstan. With this license, Bybit will grow our influence and impact in the CIS and nearby regions.
The approval from AFSA comes after Bybit received in-principle clearance a year ago, showcasing the company’s commitment to complying with local regulatory requirements while expanding to various markets.
Bybit aims to become a trusted and responsible digital asset service provider, offering transparent services and necessary safeguards to meet investors’ expectations. Obtaining this licensesecures Bybit the legal framework to offer its state-of-the-art trading and custodial services to millions of users globally.
Notably, this development comes after the exchange launched Tools Discovery, an AI program that offers personalized product and strategy recommendations based on users’ trading habits, as reported by Coin Edition.
The algorithm uses backtested data to suggest data-driven strategies aligned with current market conditions to help users explore new trading products and gain insights into their investing style.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
