Bybit, the world’s second-largest cryptocurrency exchange by buying and selling quantity, is quickly adjusting the provision of its providers within the European Economic Area (EEA) to guarantee compliance with evolving rules, primarily based on info shared with Finbold on Friday, December 13.
In an effort to keep transparency and regulatory compliance, Bybit has introduced that it’s actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. With this license, Bybit shall be eligible to supply safe and compliant providers within the EEA that align with strict European requirements.
Compliance-based strategy and the problem of the choice
Ben Zhou, the co-founder and CEO of Bybit, commented on the choice:
“Obtaining the MiCAR license will be a strategic milestone for Bybit. Our proactive stance ensures that we meet and exceed the expectations of both regulators and our users, as we work toward a future where innovation and compliance coexist seamlessly.”
In order to keep away from potential breaches of reverse solicitation guidelines, Bybit has made the tough determination to stop communication with the EEA area for now. That mentioned, present customers can nonetheless entry their crypto property with out interruption.
Bybit intends to resume the earlier engagement in full as soon as its compliance-first strategy is reinstated and the MiCAR license is secured.
Ben Zhou upheld the exchange’s stance on regulation:
“As cryptocurrency adoption continues to grow globally, it is Bybit’s mission to deliver secure and reliable trading experiences underpinned by robust regulatory framework to all crypto communities.”
He proceeded to clarify the choice behind the adjustment:
“To ensure we meet the highest standards and pave the way for a safer and more sustainable future for the industry, we’ve 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 serving EEA clients.”
Commitment to the European market
Finally, Bybit acknowledged that they continue to be dedicated to their EEA purchasers and that the exchange actively engages with the regulatory authorities to streamline the licensing course of and resume regional operations.
