Bybit Adapts to Regulatory Changes, Temporarily Pauses EEA Operations

Bybit aligns operations with evolving EEA regulations

Bybit, the second-largest cryptocurrency exchange by trading volume, has announced temporary changes to its operations within the European Economic Area (EEA). This decision comes as part of the company’s broader commitment to transparency and adherence to regulatory frameworks.

The adjustments involve a pause in communications with EEA clients to comply with the reverse solicitation principle, which prohibits solicitation without direct user initiation. While this impacts new client interactions, existing customers retain uninterrupted access to their crypto assets on the platform.

"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." —Ben Zhou, Co-founder and CEO of Bybit

MiCAR license pursuit as a regulatory milestone

Central to Bybit’s strategy is securing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. As one of the first movers in the region aiming for this license, Bybit intends to demonstrate its ability to meet stringent European regulatory requirements. This includes ensuring user protection and establishing a secure, compliant trading environment.

“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.” —Ben Zhou, Co-founder and CEO of Bybit

The company is actively collaborating with regulatory authorities to expedite the licensing process, signaling its long-term commitment to reengaging with the EEA market in compliance with the updated legal landscape.

The bottom line

Bybit’s decision to temporarily halt communications with EEA clients underlines its commitment to regulatory excellence while safeguarding user interests. By pursuing a MiCAR license in Austria, the platform positions itself to reenter the EEA market on a strong regulatory footing, aiming to deliver compliant, secure, and innovative trading experiences.

For its millions of users worldwide, this move reflects Bybit’s forward-looking approach to navigating the complexities of the global cryptocurrency industry. 

For more about Bybit’s expansion and initiatives, check out how the platform established a foothold in Europe with its Amsterdam office launch in partnership with SATOS.