December 13, 2024 – Dubai, United Arab Emirates
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, continues to reinforce its commitment to transparency and regulatory compliance.
In response to evolving regulations, Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the EEA (European Economic Area).
Paving the way with MiCAR compliance
Bybit is actively pursuing a MiCAR (markets in crypto-assets regulation) license in Austria, a cornerstone of its compliance-first approach.
This effort underscores Bybit’s dedication to aligning with stringent European regulatory standards, enhancing user protection and delivering a secure trading environment.
Ben Zhou, co-founder and CEO of Bybit, said,
“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 co-exist seamlessly.”
Temporary adjustments to EEA operations
To ensure ongoing compliance with applicable regulatory laws, particularly regarding reverse solicitation, Bybit has made the difficult decision to generally cease all communication with the EEA region.
This measure is intended to avoid any potential breach of the strict reverse solicitation principle. Existing customers’ access to their crypto assets remains uninterrupted.
Although this was a challenging decision, it was necessary for Bybit to maintain its compliance-first approach.
Bybit is actively working towards obtaining a MiCAR license in Austria to become one of the first players in the EEA.
Once the appropriate licensing is secured, Bybit will start engagement with its EEA clients in accordance with applicable laws.
Balancing innovation with compliance
Zhou added,
“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.
“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 EEA market
Bybit will be deeply committed to serving its EEA clients once it receives a MiCAR license.
The company is actively engaging with regulatory authorities to expedite the licensing process and start full operations in the region.
Bybit appreciates the support of its users as it navigates this pivotal regulatory journey.
For questions or assistance, users are encouraged to contact Bybit’s customer support team via live chat.
Bybit / TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users.
Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service and multilingual community support.
Bybit is a proud partner of Formula One’s reigning constructors’ and drivers’ champions the Oracle Red Bull Racing team.
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Contact
Tony Au, head of PR at Bybit
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