Bybit, the second-largest cryptocurrency exchange in the world by trading volume, is stepping up its game in transparency and regulatory compliance. In response to changing regulations, Bybit has decided to temporarily adjust its services in the European Economic Area (EEA).

Right now, Bybit is working hard to obtain a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. This move shows their commitment to meeting strict European standards. It’s all about enhancing user protection and providing a secure trading environment.

“Getting the MiCAR license is a big deal for us,” says Ben Zhou, Co-founder and CEO of Bybit. “We want to make sure we not only meet but exceed the expectations of regulators and our users. Our goal is to create a future where innovation and compliance go hand in hand.”

To stay compliant, especially regarding reverse solicitation, Bybit has chosen to pause all communication with the EEA region. This step helps avoid any potential issues with the strict rules around reverse solicitation. Don’t worry, though—existing customers can still access their crypto assets without interruption.

This decision wasn’t easy, but it’s essential for Bybit’s commitment to compliance. They’re focused on securing the MiCAR license in Austria, aiming to be one of the first in the EEA. Once they have the license, they’ll reconnect with their EEA clients according to the law.

“As cryptocurrency continues to gain popularity worldwide, our mission is to provide secure and reliable trading experiences,” Ben Zhou explains. “We’re making this temporary adjustment to ensure we meet the highest standards and build a safer future for everyone in the industry.”

After receiving the MiCAR license, Bybit is eager to serve its EEA clients fully. They are actively engaging with regulatory authorities to speed up the licensing process and resume operations in the region.

Bybit appreciates the support of its users as it navigates this important regulatory journey. If you have questions or need assistance, feel free to reach out to Bybit’s Customer Support team via Live Chat.

Founded in 2018, Bybit serves over 50 million users. It offers a professional trading platform with a fast matching engine, 24/7 customer service, and multilingual community support. Bybit is also proud to partner with the Oracle Red Bull Racing team, the reigning champions in Formula One.

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Contact Head of PR, Tony Au, Bybit.