Bybit, the world’s second-largest crypto exchange, gains Europe MiCA approval, enabling seamless operations across 27 member states.
By the license issued by Austria’s Financial Market Authority (FMA), Bybit is authorized to provide cryptocurrency services in all 29 European Economic Area member states (EEA).
Bybit Establishes a Headquarters in Austria Following EU Approval
Bybit has also established its European headquarters in Vienna, as indicated by a press release. It is a strategic advancement in its broader regional expansion.
The regulatory framework for the EU’s crypto industry was established by MiCA, which was introduced by the European Commission in September 2020 and subsequently confirmed in April 2023. It enhances consumer protection, reduces financial crime risks, and provides more comprehensive supervision in the digital asset sector.
By obtaining the MiCA license, Bybit can provide localized, regulated crypto services to a potential market of nearly 500 million individuals. It also indicates the exchange’s efforts to comply with the increasing regulatory requirements in Europe.
According to Bybit’s leadership, the license indicates a “compliance-first” strategy.
“Securing the MiCAR license in Austria is a testament to our compliance-first approach at Bybit. We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance,” said Ben Zhou, co-founder and CEO of Bybit.
The exchange intends to invest substantially in Austria and employ over 100 professionals in Vienna.
Mazurka Zeng, CEO of Bybit Europe, underscored that the Vienna office will be more than a mere business center. Bybit intends to collaborate with universities and communities to support the local crypto ecosystem through its Blockchain for Good Alliance.
Bybit is now included in the increasing number of global crypto companies pursuing a more robust regulatory framework in Europe, particularly as MiCA becomes the standard framework throughout the EU.
Additionally, Bybit is endeavoring to establish itself in Asia, during a recent meeting with Vietnam’s Finance Minister, the CEO of the exchange deliberated on the potential establishment of a national digital asset exchange and the development of a legal framework for digital assets.
Intriguingly, these advancements occurred after a significant security compromise that Bybit experienced just months ago. More than $1.4 billion was withdrawn from the exchange, as reported.
