Bybit's Operations in EEA Halted to Prioritize Compliance with Regulations
Bybit Halts EEA Operations Facing Regulatory Changes
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is temporarily adjusting the availability of its services in the European Economic Area (EEA) to ensure compliance with evolving regulations. This decision was communicated on Friday, December 13, reflecting Bybit's commitment to transparency and regulation.
Pursuing MiCAR License in Austria
To continue providing secure services in the EEA, Bybit is actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license. CEO Ben Zhou emphasized this license as a strategic milestone: “Our proactive stance ensures that we meet and exceed the expectations of regulators and users.”
Temporary Pause for Compliance Focus
Bybit has decided to cease communication with the EEA region to avoid breaches of reverse solicitation rules. However, existing users can continue to access their crypto assets without interruption. Zhou stated, “This allows us to focus on obtaining the necessary licenses and ensuring a fully compliant platform.”
Commitment to the European Market
Despite the operation's pause, Bybit has reiterated its commitment to EEA clients and is actively engaging with regulatory authorities to accelerate the licensing process. Zhou adds, “As cryptocurrency adoption grows, we aim to deliver secure trading experiences supported by a robust regulatory framework.”
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.