Market News

Austria Hosts Bybit's Major EU Expansion as Crypto Regulation Evolves

Bybit, the renowned cryptocurrency exchange, has recently obtained a Markets in Crypto-Assets Regulation (MiCAR) license from Austria's Financial Market Authority (FMA).

This milestone enables Bybit to offer regulated crypto services across all 29 European Economic Area (EEA) countries, potentially reaching an immense user base of 500 million.

The establishment of Bybit's European headquarters in Vienna underscores the exchange's commitment to expanding within the region while adhering to regulatory compliance.

MiCA, which aims to foster consumer protection and curb financial crime within the crypto sector, was officially approved in April 2023 and represents a significant step forward for the industry.

Ben Zhou, Bybit's co-founder and CEO, expressed pride in this accomplishment as a reflection of the company's dedication to a compliance-first strategy.

In addition to expanding its operations, Bybit plans to hire over 100 professionals in Vienna to enhance its localized service offerings.

Mazurka Zeng, CEO of Bybit Europe, emphasized the exchange's commitment to supporting local communities through initiatives such as the Blockchain for Good Alliance.

As Bybit fortifies its presence in Europe, it is also pursuing opportunities across Asia, including potential collaborations to establish a digital asset framework in Vietnam.

This strategic expansion follows a recent security incident involving the withdrawal of over $1.4 billion from the exchange.

Bybit's growth within the EU shines a light on the evolving landscape of cryptocurrency regulation and compliance in a rapidly changing financial environment.