Bybit has officially secured registration as a Virtual Asset Service Provider (VASP) and card operator with Argentina’s Financial Information Unit (FIU), allowing the crypto exchange to legally continue operating in Argentina as long as it complies with the country’s new regulations.
VASP registration was introduced in Argentina in March 2023 as part of new legislation to comply with global anti-money laundering and countering the financing of terrorism standards set by the Financial Action Task Force (FATF).
The FIU, which is responsible for overseeing these registrations, monitors financial transactions to prevent illegal activities. Bybit’s successful registration shows that the exchange has met the established regulatory requirements.
Ben Zhou, CEO of Bybit, commented on the registration in a press release, saying that this registration is an important step to ensure that the company provides safe and reliable digital asset services while complying with financial regulations.
While Bybit is expanding in Argentina, it is encountering difficulties in other countries. Earlier this year, Bybit suspended its operations in France after being denounced for lacking proper registration.
Due to stricter regulations, the company also withdrew from Canada in May 2023. Despite these setbacks, Argentina remains a promising market for Bybit as the country works to regulate its fast-growing crypto sector.
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