Cryptocurrency exchange Bybit has appointed Peter Loo as its new global head of legal and compliance. Loo joins from Dubai's Virtual Assets Regulatory Authority (VARA), where he served as legal chief during the regulator's formative period — VARA was established in 2022 as the world's first independent virtual assets regulator, tasked with creating a comprehensive framework for an industry that until then had operated largely without dedicated oversight.

In his new role, Loo will oversee both onshore and offshore legal and compliance teams at Bybit, with responsibilities spanning licensing, regulatory compliance, and engagement with regulators across jurisdictions.

Compliance Amid Expansion

During Loo's tenure at VARA, the regulator was responsible for drafting Dubai's Virtual Asset Law and overseeing the licensing of exchanges and custodial services across regulated activity categories including brokerage, custody, and management. Dubai has since emerged as one of the most active crypto licensing hubs, attracting major exchanges seeking regulatory clarity. His appointment brings a senior regulatory insider to Bybit at a time when the exchange is actively expanding across the Middle East, Europe, and Asia amid a rapidly evolving regulatory landscape.

Bybit ranks among the top five exchanges globally by 24-hour trading volume, according to CoinMarketCap.

BREAKING: Bybit appoints Peter Loo as Chief Legal & Compliance Officer, former VARA General Counsel. pic.twitter.com/xz5c6S6B66 — MSB Intel (@MSBIntel) August 3, 2026

From Growth to Governance

The hiring of a former regulator signals a notable shift toward compliance-driven governance within the cryptocurrency industry. For institutional investors and partners seeking relationships with regulated exchanges, the move is expected to reduce counterparty risk by strengthening Bybit's regulatory capabilities and its ability to secure licenses in jurisdictions with established legal frameworks.

For developers and funds operating on major exchanges, compliance has become an increasingly central operational consideration as enforcement actions against unlicensed platforms have accelerated across multiple jurisdictions.

Industry Context

The appointment aligns with a broader 2025–2026 industry trend in which exchanges have been recruiting former regulators and public company executives, a practice long established in traditional finance. With the EU's Markets in Crypto-Assets (MiCA) regulation now in effect — providing a harmonized framework that allows licensed crypto-asset service providers to operate across all 27 EU member states — and VARA continuing to refine Dubai's regulatory regime, clear and robust legal frameworks are increasingly becoming a distinguishing factor among market participants.

Bybit's anticipated next steps include pursuing additional licenses, improving transparency around proof-of-reserves reporting, and expanding its suite of products targeting institutional clients.