KEY TAKEAWAYS
- Bybit temporarily adjusts its operations in the EEA to comply with evolving regulations, demonstrating its commitment to transparency and legal standards.
- The company is pursuing a MiCAR license in Austria to enhance user protection and align with European regulatory standards.
- Bybit plans to resume full engagement with EEA clients once the necessary licensing is secured, ensuring a compliant platform.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a temporary adjustment to its operations within the European Economic Area (EEA) as part of its ongoing commitment to regulatory compliance. This decision comes in response to evolving regulations and underscores Bybit’s dedication to transparency and adherence to legal standards.
Pursuing MiCAR Compliance in Austria
Bybit is actively working towards obtaining a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. This move is a key component of Bybit’s compliance-first approach, aiming to align with stringent European regulatory standards. The MiCAR license is expected to enhance user protection and provide a secure trading environment.
Ben Zhou, Co-founder and CEO of Bybit, emphasized the strategic importance of this initiative, stating, “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.”
Temporary Adjustments to EEA Operations
To ensure compliance with applicable regulatory laws, particularly concerning reverse solicitation, Bybit has decided to generally cease all communication with the EEA region. This measure is intended to prevent any potential breach of the strict reverse solicitation principle. Despite these adjustments, existing customers will continue to have uninterrupted access to their crypto assets.
Bybit is committed to resuming full engagement with its EEA clients once the necessary licensing is secured. The company is actively engaging with regulatory authorities to expedite the licensing process and ensure a compliant platform for EEA clients.
Commitment to a Secure Trading Environment
As cryptocurrency adoption grows globally, Bybit aims to deliver secure and reliable trading experiences underpinned by a robust regulatory framework. Ben Zhou highlighted the company’s mission, stating, “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.”
Bybit appreciates the support of its users during this regulatory journey and encourages them to contact Bybit’s Customer Support team for any questions or assistance. More details about Bybit’s regulatory efforts can be found here.
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