Bybit Secures Dubai VARA License; SoFi Launches Tokenized Deposit
Bybit obtained a VASP licence from Dubai's VARA for spot trading; SoFi launched an FDIC-insured tokenized deposit product for crypto users — two signals of institutional crypto infrastructure maturing.
What we know
Bybit secured a VASP licence from VARA (Dubai's Virtual Asset Regulatory Authority) for spot crypto trading through its local entity Bybit Fintech FZE, with derivatives approval being sought next TheBlockCo an account on X. Simultaneously, SoFi launched an interest-bearing, FDIC-insured tokenized deposit product for crypto users TheBlockCo, while Kalshi and BitGo launched HODL Margining — allowing crypto holders to borrow against BTC, ETH, and stablecoins without selling another account on X. Coinbase's Irish arm was fined €3.25M by Ireland's Central Bank for inadequate safeguarding controls TheBlockCo.
Sources
“Bybit has secured a Dubai VARA license for spot crypto trading through its local entity”
View post →“SoFi launches interest-bearing, FDIC-insured tokenized deposit for crypto users”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.