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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is temporarily adjusting the availability of its services in the European Economic Area (EEA) to ensure compliance with evolving regulations, based on information shared with Finbold on Friday, December 13.
In an effort to maintain transparency and regulatory compliance, Bybit has announced that it is actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. With this license, Bybit will be eligible to offer secure and compliant services in the EEA that align with strict European standards.
Compliance-based approach and the difficulty of the decision
Ben Zhou, the co-founder and CEO of Bybit, commented on the decision:
“Obtaining the MiCAR license will be a strategic milestone for Bybit. Our proactive stance ensures that we meet and exceed the expectations of both regulators and our users, as we work toward a future where innovation and compliance coexist seamlessly.”
In order to avoid potential breaches of reverse solicitation rules, Bybit has made the difficult decision to cease communication with the EEA region for now. That said, existing users can still access their crypto assets without interruption.
Bybit intends to resume the previous engagement in full once its compliance-first approach is reinstated and the MiCAR license is secured.
Ben Zhou upheld the exchange’s stance on regulation:
“As cryptocurrency adoption continues to grow globally, it is Bybit’s mission to deliver secure and reliable trading experiences underpinned by robust regulatory framework to all crypto communities.”
He proceeded to explain the decision behind the adjustment:
“To ensure we meet the highest standards and pave the way for a safer and more sustainable future for the industry, we’ve made the proactive decision to temporarily adjust our operations in the EEA. This allows us to focus on obtaining the necessary licenses and ensuring a fully compliant platform focused on serving EEA clients.”
Commitment to the European market
Finally, Bybit stated that they remain committed to their EEA clients and that the exchange actively engages with the regulatory authorities to streamline the licensing process and resume regional operations.
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