Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations

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

Bybit, a leading global cryptocurrency exchange by trade volume, is strengthening its dedication to openness and adherence to regulatory standards. In light of changing regulations, Bybit has chosen to briefly modify the accessibility of its offerings and services within the European Economic Area (EEA), a challenging yet essential move.

Paving the Way with MiCAR Compliance

Bybit is making an effort to obtain a Markets in Crypto-Assets Regulation (MiCAR) license in Austria, reflecting its commitment to following rigorous European regulations. This move emphasizes Bybit’s focus on ensuring user safety, as well as creating a reliable and secure platform for trading.

Ben Zhou, Co-founder and CEO of Bybit, stated that “Achieving the MiCAR license will mark a significant step in our strategic plan.” This action demonstrates our commitment to fulfilling and surpassing the demands of both regulatory bodies and our users, as we strive for a future where innovation and compliance effortlessly coexist.

Temporary Adjustments to EEA Operations

To maintain consistent adherence to relevant legal regulations, particularly those concerning reverse solicitation, Bybit has chosen a challenging course of action: generally limiting communication with the European Economic Area (EEA). This move is aimed at preventing any potential violations of the stringent reverse solicitation rule. However, access for existing customers to their digital assets remains unaffected.

Despite being a difficult choice, it was essential for Bybit to uphold its commitment to prioritizing compliance. Currently, Bybit is making efforts to acquire a MiCAR license in Austria, aiming to be among the pioneers in the European Economic Area (EEA). Once the required licensing is obtained, Bybit will initiate interactions with its EEA clients according to the applicable laws.

Balancing Innovation with Compliance

In line with the increasing worldwide use of cryptocurrencies, Bybit aims to provide secure and dependable trading environments supported by strong regulatory foundations for all crypto users,” stated Ben Zhou, Co-founder and CEO of Bybit. “We want to maintain excellence and set a path for a safer and more durable future for the industry, so we’ve chosen to momentarily modify our operations within the European Economic Area (EEA). This gives us time to secure the required licenses and create a fully compliant platform tailored to serving EEA clients.

Commitment to the EEA Market

Bybit intends to fully support its European Economic Area (EEA) customers once they obtain a MiCAR license. The organization is proactively collaborating with regulatory bodies to speed up the licensing procedure and initiate comprehensive operations within the region.

Bybit values the backing of its users as they move through this crucial phase of regulatory development. If you have any queries or need help, please feel free to reach out to Bybit’s Customer Support directly through the Live Chat feature.

#Bybit / #TheCryptoArk

About Bybit

In simple terms, Bybit ranks as the second-largest global cryptocurrency trading platform based on volume, catering to more than 50 million users worldwide. Founded in 2018, it offers a robust platform for crypto investors and traders, featuring a high-speed matching engine, round-the-clock customer service, and a diverse multilingual user community. Bybit proudly collaborates with the Oracle Red Bull Racing team, who are reigning champions in both the Constructors’ and Drivers’ competitions within Formula One racing.

For media inquiries, please contact: media@bybit.com

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

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2024-12-13 18:12