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Crypto exchange that calls itself the New Financial Platform and says it has more than 80 million users, whose Dubai company holds an in-principle approval from VARA, and which from 28 September 2026 lets eligible clients pledge Franklin Templeton's tokenized money fund shares, held off-exchange through ByCustody, for trading credit.
Bybit describes itself as "the New Financial Platform trusted by more than 80 million users worldwide". In Dubai its operating company, Bybit Fintech FZE, appears on the public register of the Virtual Assets Regulatory Authority with an In-Principle Approval for Exchange Services, reference IPA/24/08/001, dated 21 August 2024. VARA's register describes an in-principle approval as issued to licence applicants "enabling them to finalise any remaining requirements of the VARA application to obtain a VASP Licence", so it is a stage in licensing and not a licence. On 28 September 2026 Bybit announced a strategic collaboration with Franklin Templeton. Its first part is an off-exchange collateral programme: eligible clients pledge fund shares issued through Franklin Templeton's Benji platform through ByCustody, which the release calls an institutional-grade custody platform, and receive USDT or USDC trading credit lines on Bybit while the shares stay in custody and their value is mirrored in Bybit's trading environment. The release names no fund, amount or haircut. A second part, a tokenized wealth product on the Bybit exchange and the Mantle chain, was left to be described separately.
Developments in which Bybit is a named party, newest first.
Bybit said on 28 September that eligible clients can pledge fund shares issued through Franklin Templeton's Benji platform, held off-exchange through ByCustody, for USDT or USDC trading credit.
Eligible clients pledge the shares through ByCustody and receive USDT or USDC trading credit lines on Bybit while the shares stay in custody and keep earning yield. The release names no fund, amount or haircut; the $686m in reports is the whole Franklin OnChain U.S. Government Money Fund at 31 August.
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