Bybit, the second largest digital currency exchange in the world by trading volume, continues to reinforce its commitment to transparency and regulatory compliance. In response to increasing regulations, Bybit has made the difficult but necessary decision to temporarily change the availability of its products and services within the European Economic Area (EEA). .
Clearing the way with MiCAR compliance
Bybit is actively pursuing a Markets in Crypto Asset Management (MiCAR) license in Austria, a cornerstone of its compliance-first approach. This effort reinforces Bybit's commitment to aligning with strict European regulatory standards, enhancing consumer protection, and delivering a secure trading environment.
“Getting the MiCAR license will be a strategic milestone for Bybit,” he said. Ben Zhou, Co-Founder and CEO of Bybit. “Our proactive stance ensures that we meet and exceed the expectations of both our regulators and our customers, as we work towards a a future where innovation and compliance merge seamlessly.”
Temporary changes to the operation of the EEA
In order to ensure compliance with relevant regulatory laws, particularly in relation to redress, Bybit has taken the difficult decision to cease all communications with the EEA sector in general. This step is intended to avoid any possible breach of the strict principle of retroactive application. Current customers' access to their crypto assets remains uninterrupted.
Although this was a challenging decision, it was essential for Bybit to adhere to its compliance-first approach. Bybit is actively working towards obtaining a MiCAR license in Austria to become one of the first players in the EEA. Once the relevant license is secured, Bybit will start communicating with its EEA customers in accordance with applicable laws.
Balancing innovation with compliance
“As cryptocurrency adoption continues to grow globally, Bybit's mission is to deliver secure and reliable trading experiences with a strong regulatory framework for all crypto communities,” said Ben Zhou, Co-Founder and CEO of Bybit. “To ensure we meet the highest standards and pave the way for a safer and more sustainable future for the industry, we have taken a proactive decision to expand our operations in the EEA change for a short time. This allows us to focus on obtaining the necessary permits and approvals. ensuring a fully compliant platform focused on serving EEA customers.”
Commitment to the EEA Market
Bybit will be keen to serve its EEA clients once it receives the MiCAR licence. The company is actively communicating with regulatory authorities to speed up the approval process and start full operations in the sector.
Bybit appreciates the support of its users as it navigates this important regulatory path. For questions or assistance, users are encouraged to contact the Bybit Customer Support team via Live Chat.
About Bybit
Bybit (https://www.bybit.com) is the second largest cryptocurrency exchange in the world by trading volume, serving more than 50 million users. Founded in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the reigning Constructors and Drivers Formula One champions: the Oracle Red Bull Racing team.
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