Bybit strengthens regulatory compliance and temporarily adjusts EEA operations

admin5 days ago

Dubai, United Arab Emirates, December 13, 2024, Chainwire

As the world’s second-largest cryptocurrency exchange by trading volume, Bybit continues to strengthen its commitment to transparency and compliance. As regulations evolve, Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the European Economic Area (EEA).

Paving the way with MiCAR compliance

Bybit is actively pursuing a Market for Crypto Assets Regulation (MiCAR) license in Austria, a cornerstone of its compliance-first approach. These efforts highlight Bybit’s commitment to complying with stringent European regulatory standards, strengthening user protection and providing a safe trading environment.

“Obtaining the MiCAR license marks a strategic milestone for Bybit,” he said. This is Ben Zhou, co-founder and CEO of Bybit. “Our proactive stance ensures we meet and exceed the expectations of both regulators and users as we work toward a future where innovation and compliance coexist seamlessly.”

Temporary adjustments to EEA operations

In order to remain compliant with regulatory laws, particularly those related to reverse solicitation, Bybit has made the difficult decision to suspend all communications generally with the EEA region. This measure is intended to prevent possible violations of strict counter-solicitation principles. Existing customers’ access to their crypto assets will remain uninterrupted.

This was a difficult decision, but it was necessary for Bybit to maintain a compliance-first approach. Bybit is actively working to obtain a MiCAR license in Austria to become one of the first players in the EEA. Once the appropriate licenses are secured, Bybit will begin working with EEA customers in accordance with applicable laws.

Balancing Innovation and Compliance

“As cryptocurrency adoption continues to grow globally, it is Bybit’s mission to provide all cryptocurrency communities with a safe and trustworthy trading experience backed by a strong regulatory framework,” he said. Ben Zhou, co-founder and CEO of Bybit. “To meet the highest standards and pave the way for a safer and more sustainable future for our industry, we have made the proactive decision to temporarily adjust our operations in the EEA. This allows us to focus on obtaining the necessary licenses and ensuring a fully compliant platform focused on servicing EEA clients.”

Commitment to the EEA Market

Bybit will do its best to serve EEA customers once it receives the MiCAR license. The company is actively working with regulators to expedite the permitting process and begin full operations in the region.

Bybit thanks our users for their support as we navigate this important regulatory journey. If you have any questions or require assistance, users are encouraged to contact Bybit customer support via live chat.

#Bybit / #TheCryptoArk

Introduction to Bybit

Bybit is the world’s second largest cryptocurrency exchange by trading volume, serving over 50 million users. Founded in 2018, Bybit provides a professional platform where cryptocurrency investors and traders can find a lightning-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the Oracle Red Bull Racing team, Formula One’s constructor and driver champion.

For media-related inquiries, please contact media@bybit.com.