Bybit EU Group is Pursuing MiFID II License for Expansion

Bybit EU Group's Ambitious License Initiative

Bybit, recognized globally as the second-largest cryptocurrency exchange by trading volume, is making significant strides in its European market expansion. The Bybit EU Group has formally submitted an application for a license under the Austrian implementation of the Markets in Financial Instruments Directive, known as MiFID II. This progress marks a pivotal moment for Bybit's development in Europe.

What the MiFID II License Means for Bybit

Securing a license as an investment firm will allow Bybit X GmbH, one of Bybit's Austrian entities, to offer regulated derivatives products. This includes critical financial instruments like futures and options across the European Economic Area (EEA). Such offerings expand the current services available on the bybit.eu platform, which previously focused primarily on crypto-spot services, now enhanced by their MiCAR authorization.

Recent Developments and Innovations

Following the launch of their MiCAR-compliant platform in the summer, Bybit EU has been steadily rolling out innovative features to enhance user experience. Among these are advanced trading options, partnerships aimed at bolstering USDC adoption, and the newly released Bybit Lite app. These efforts signify Bybit’s commitment to improve engagement and provide accessible services to users.

Leadership Perspective

Mazurka Zheng, Managing Director and CEO of Bybit EU, articulated the importance of regulatory clarity in making Europe a leader in crypto-assets. Bybit X's application to the Austrian Financial Market Authority (FMA) reflects a deep commitment to comply with local regulations, which Zheng believes will bolster their presence significantly within the EEA.

Future Prospects for Bybit EU

Once the investment firm license is granted, Bybit EU Group anticipates a broadened suite of services for its European clientele. This move is pivotal as it reinforces Bybit's position as a forefront innovator in the crypto market, enabling them to offer an extensive range of derivatives through the bybit.eu platform. The vision is to cater to European users with a comprehensive suite of crypto-focused services that are secure and compliant.

Commitment to Regulatory Compliance

Bybit's focus on regulatory compliance is evidenced by Bybit X's license application, which showcases its commitment to responsible growth in a robust European market. Bybit EU Group aims to pioneer fully regulated crypto-asset services, including custody and exchange services, ensuring all operations align with European regulations aimed at safeguarding investors and maintaining market integrity.

About Bybit X and Bybit EU Group

Bybit X GmbH and Bybit EU GmbH are committed to serving clients across the EEA, except for Malta, through the innovative platform bybit.eu. Bybit EU operates as a licensed Crypto-Asset Service Provider under MiCAR, offering extensive services like crypto custody and exchange, meeting high standards of regulatory compliance for investor protection.

Frequently Asked Questions

What is Bybit EU Group's main goal with the MiFID II license?

The main goal is to allow Bybit to offer regulated derivatives products such as futures and options in Europe, enhancing their service range.

What are some features Bybit has recently launched?

Bybit has introduced features like spot margin trading with leveraging options, partnerships for USDC adoption, and its new Bybit Lite app.

Who oversees Bybit EU Group's regulatory compliance?

The Austrian Financial Market Authority (FMA) oversees Bybit EU Group's compliance with local financial regulations.

Is Bybit EU a licensed service provider?

Yes, Bybit EU operates as a licensed Crypto-Asset Service Provider under the Markets in Crypto-Assets Regulation (MiCAR).

What services does Bybit EU provide to its clients?

Bybit EU provides custody, exchange of crypto-assets for various currencies, and other related services in the regulatory framework for user safety.

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