Bybit has officially expanded its operations to Argentina as a licensed “Virtual Asset Service Provider (VASP) and card operator.”
The crypto exchange announced that its VASP license, granted by Argentina’s Financial Intelligence Unit (FIU), will enable it to offer its full range of products in the region. Argentine crypto traders can now access Bybit’s spot and derivatives markets to trade cryptocurrencies like Bitcoin and Ethereum (ETH). Users will also have access to the exchange’s crypto-backed payment cards, providing Argentinians with new options for managing and spending their digital assets.
Bybit emphasised that its offerings will fully comply with Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The exchange highlighted that its registration as a VASP and card issuer reflects Argentina’s progressive stance on regulating the crypto industry.
In March, Argentina’s National Securities Commission (CNV) issued General Resolution No. 994/2024, requiring virtual asset service providers to adhere to the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorism financing (AML/CFT) recommendations.
Ben Zhou, Co-founder and CEO of Bybit, expressed enthusiasm about the expansion:
“We are thrilled to be recognized as a registered VASP and card issuer in Argentina. This milestone underscores our dedication to compliance and our mission to deliver secure and accessible digital asset services globally. Bybit is committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.”
Meanwhile, this announcement follows Bybit’s recent decision to cease operations in France due to new regulatory actions by French authoritiesEffective August 2, French users have had their accounts restricted to “close-only” mode, prohibiting new positions or deposits. Users must close all open positions and withdraw their assets, with any remaining positions set for liquidation starting August 13. Bybit has also suspended card services for French clients, who can still withdraw their remaining funds.
However, the exchange has revealed plans to re-enter the French market once it obtains the necessary regulatory licenses.
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