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Dubai, United Arab Emirates, December 13, 2024, Chainwire
Bybit, the world’s second largest cryptocurrency exchange by trading volume, continues to strengthen its commitment to transparency and regulatory compliance. In response to regulatory developments, 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 to MiCAR compliance
Bybit is actively seeking a Crypto-Asset Markets Regulation (MiCAR) license in Austria, a cornerstone of its compliance-focused approach. This effort highlights Bybit’s commitment to aligning with strict European regulatory standards, improving user protection and providing a secure trading environment.
“Obtaining the MiCAR license will be a strategic step for Bybit,” said Ben Zhou, co-founder and CEO of Bybit. “Our proactive stance ensures we meet and exceed the expectations of regulators and our users, as we work toward a future where innovation and compliance coexist seamlessly. »
Temporary adjustments to EEA operations
To ensure continued compliance with applicable regulatory laws, including with respect to reverse solicitation, Bybit has made the difficult decision to generally cease all communications with the EEA region. This measure is intended to avoid any potential violation of the strict reverse solicitation principle. Existing customers’ access to their crypto assets remains uninterrupted.
Although it was a difficult decision, it was necessary for Bybit to maintain its compliance-first approach. Bybit is actively working towards obtaining a MiCAR license in Austria to become one of the first players in the EEA. Once the appropriate license is obtained, Bybit will begin engaging with its EEA customers in accordance with applicable laws.
Balancing innovation and compliance
“As cryptocurrency adoption continues to grow globally, Bybit’s mission is to provide all crypto communities with secure and reliable trading experiences, supported by a strong regulatory framework,” said Ben Zhou, co-founder and CEO of Bybit. “To ensure we meet the highest standards and pave the way for a safer and more sustainable future for the industry, we have taken 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 customers.
Commitment to the EEA market
Bybit will be deeply committed to serving its EEA customers once it receives a MiCAR license. The company is actively engaging with regulatory authorities to expedite the permitting process and begin full operations in the region.
Bybit appreciates the support of its users throughout this crucial regulatory journey. For any questions or assistance, users are encouraged to contact the Bybit customer support team via live chat.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the second largest cryptocurrency exchange in the world by trading volume, with over 50 million users. Established in 2018, Bybit provides a professional platform where crypto 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 reigning Formula 1 constructors’ and drivers’ champions: the Oracle Red Bull Racing team.
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Contact
Public relations manager
Tony Au
Bybit
(email protected)
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