Bybit, the second-largest cryptocurrency exchange in the world by trading volume, is temporarily modifying the accessibility of its services in the European Economic Area (EEA) to ensure compliance with evolving regulations.
Bybit has declared that it is currently in the process of obtaining a Markets in Crypto-Assets Regulation (MiCAR) license in Austria in order to ensure regulatory compliance and transparency. This license will enable Bybit to provide secure and compliant services in the EEA that comply with rigorous European standards.
“The MiCAR license will serve as a strategic milestone for Bybit. Our proactive approach guarantees that we surpass the expectations of both our users and regulators, as we strive for a future in which innovation and compliance coexist seamlessly.”
Bybit has made the difficult decision to temporarily suspend communication with the EEA region in order to prevent potential violations of reverse solicitation regulations.
Ben Zhou maintained the exchange’s regulatory position:
“Bybit’s purpose is to provide all crypto communities with secure and dependable trading experiences that are supported by a robust regulatory framework, as cryptocurrency adoption continues to expand globally.”
In conclusion, Bybit reiterated their dedication to their EEA clients and stated that the exchange is actively involved in collaborating with regulatory authorities to expedite the licensure process and re-establish regional operations.
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