Bybit Secures MiCA License in Austria, Expanding EU Operations

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has secured the Markets in Crypto-Assets Regulation (MiCA) license in Austria. This milestone allows Bybit to operate across all 27 European Union member states, as well as Norway and Iceland, marking a significant expansion of its European footprint. The MiCA framework aims to provide a unified regulatory approach for crypto assets within the EU, enhancing investor protection and market integrity.

In anticipation of this development, Bybit had temporarily adjusted its operations in the European Economic Area (EEA) to comply with the reverse solicitation principle, pausing general communications with EEA users. Despite these adjustments, existing customers retained uninterrupted access to their crypto assets. The company is now poised to fully re-engage with the EEA market, offering its services in compliance with MiCA regulations.

In addition to its European expansion, Bybit has resumed operations in India after officially registering with the country's Financial Intelligence Unit (FIU). The Dubai-based exchange settled a fine of approximately INR 9.27 crore (around $1.06 million) imposed by the Indian Ministry of Finance for failing to secure the necessary FIU registration earlier. Bybit's registration with the FIU ensures the company's compliance with India's Prevention of Money Laundering Act (PMLA), which mandates that all cryptocurrency exchanges, including offshore platforms, adhere to strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures.

CEO Ben Zhou emphasized that obtaining the MiCA license is a strategic milestone for Bybit, reinforcing its commitment to regulatory compliance and user protection. This move positions Bybit alongside other major players in the European crypto market, such as Austria's Bitpanda, which has also secured a MiCA license. With both exchanges operating under the same regulatory framework, Austria is emerging as a central hub for cryptocurrency activity in Europe.