Bybit, the world’s second-largest crypto exchange by trading volume, has received regulatory approval to operate under the EU’s Markets in Crypto-Assets Regulation (MiCA).
The license, granted by Austria’s Financial Market Authority (FMA), allows Bybit to legally offer crypto services across all 29 European Economic Area (EEA) member states.
Bybit Gains EU Approval, Opens Headquarters in Austria
According to a press release shared with BeInCrypto, Bybit has also opened its European headquarters in Vienna. This marks a strategic step in its broader expansion across the region.
MiCA, introduced by the European Commission in September 2020 and approved in April 2023, sets the regulatory framework for the EU’s crypto industry. It provides greater oversight, improves consumer protection, and reduces the risks of financial crime in the digital asset space.
The MiCA license lets Bybit offer localized, regulated crypto services to a potential market of nearly 500 million people. It also reflects the exchange’s push to meet rising regulatory standards in Europe.
Bybit’s leadership says the license signals a “compliance-first” approach.
“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 plans to invest heavily in Austria and hire more than 100 professionals in Vienna.
Mazurka Zeng, CEO of Bybit Europe, emphasized that the Vienna office will be more than just a business hub. Bybit plans to support the local crypto ecosystem, working with universities and communities through its Blockchain for Good Alliance.
This development places Bybit among the growing number of global crypto companies seeking a stronger regulatory footing in Europe, especially as MiCA becomes the standard framework across the EU.
Moreover, Bybit is also attempting to make its mark in Asia. The exchange’s CEO recently met with Vietnam’s Finance Minister to discuss developing a legal framework for digital assets and the potential launch of a national digital asset exchange.
Interestingly, these developments follow a major setback for Bybit just months ago, when the platform suffered a significant security breach. As reported by BeInCrypto, more than $1.4 billion was withdrawn from the exchange.
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