tl;dr
Bybit, the world's second-largest crypto exchange by trading volume, has received regulatory approval under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority. This license allows Bybit to offer regulated crypto services across all 29 European Economic Area...
Bybit, the world’s second-largest crypto exchange by trading volume, has received regulatory approval under the EU’s Markets in Crypto-Assets Regulation (MiCA) from Austria’s Financial Market Authority. This license allows Bybit to offer regulated crypto services across all 29 European Economic Area (EEA) member states.
In a strategic move, Bybit has opened its European headquarters in Vienna, where it plans to invest heavily and hire over 100 professionals. The company emphasizes a "compliance-first" approach and aims to support the local crypto ecosystem through initiatives such as the Blockchain for Good Alliance.
MiCA, introduced by the European Commission in September 2020 and approved in April 2023, provides a comprehensive regulatory framework that enhances oversight, consumer protection, and reduces financial crime risks in the digital asset space. The new license enables Bybit to offer localized, regulated crypto services to nearly 500 million potential customers across Europe, reflecting the exchange's commitment to meeting rising regulatory standards.
Bybit’s CEO and co-founder, Ben Zhou, described securing the MiCAR license as a testament to their compliance-first strategy and highlighted their efforts to collaborate with regulators globally. Meanwhile, CEO of Bybit Europe, Mazurka Zeng, pointed out that the Vienna office would be more than a business hub, aiming to foster local academic and community partnerships.
This European expansion follows a significant security breach earlier in the year, when over $1.4 billion was withdrawn from the platform, underscoring Bybit’s renewed focus on regulatory assurance and security.
In addition to its European ambitions, Bybit is actively engaging with Asian regulators, including discussions with Vietnam’s Finance Minister about developing a legal digital asset framework and launching a national digital asset exchange.