Bybit Achieves Full Regulatory Approval in Europe Under MiCA Framework

Bybit, the Dubai-based cryptocurrency exchange, has secured full regulatory approval from Austria’s Financial Market Authority (FMA) to operate within the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) framework. This landmark approval positions Bybit as a compliant and trusted platform for nearly 500 million users across Europe, offering standardized crypto services under the EU’s regulatory umbrella. As the world’s second-largest exchange by trading volume, Bybit’s expansion into Europe marks a significant milestone in its global growth strategy. The MiCA license not only enhances Bybit’s credibility but also ensures a secure and regulated environment for European traders and investors. This development underscores the increasing institutional adoption of cryptocurrencies and the growing importance of regulatory compliance in the digital asset space. With this approval, Bybit is poised to strengthen its market presence and cater to the evolving needs of the European crypto community.

Bybit Secures Full Regulatory Approval to Enter European Market Under MiCA Framework

Bybit has cemented its European expansion with regulatory approval from Austria’s Financial Market Authority, operating under the EU’s Markets in Crypto-Assets (MiCA) framework. The license grants pan-European Economic Area access, positioning the exchange to serve nearly 500 million users under standardized crypto regulations.

The Dubai-based exchange, now the world’s second-largest by volume, will anchor its regional operations in Vienna with plans to hire over 100 staff. CEO Ben Zhou emphasized this marks a strategic milestone in Bybit’s ’compliance-first’ global approach, following its 2022 relocation from Singapore.

Despite recovering from a $1.5 billion hack earlier this year—partially remedied through German law enforcement efforts—Bybit is leveraging its Blockchain for Good Alliance to drive academic partnerships with European universities. The MOVE comes as major exchanges race to establish MiCA-compliant footholds across the continent.

Thailand to Block Unlicensed Crypto Exchanges Including OKX and Bybit

Thailand’s Securities and Exchange Commission will restrict access to five unlicensed cryptocurrency exchanges—Bybit, CoinEx, OKX, 1000X, and XT.com—starting June 28. The regulator has filed charges against these platforms for violating the Digital Asset Business Act and requested the Ministry of Digital Affairs to enforce the block.

Investors were advised to withdraw assets from the affected exchanges before the deadline. The SEC emphasized the importance of using licensed platforms to mitigate risks, including money laundering. OKX responded by affirming its commitment to regulatory collaboration, calling it vital for the industry’s sustainable growth.

The crackdown follows Thailand’s April 2024 announcement targeting unlicensed crypto operators. No specific cryptocurrencies were mentioned in the regulatory action.