Hassan Maishera
TL;DR
-
Bybit plans to launch a regulated financial super app for customers across Europe.
-
Its new EMI license could enable personal accounts, IBANs, salary payments and bill payments.
-
Bybit already holds a MiCA license and expects to secure a MiFID license in about two months.
-
Bybit will continue working with Kraken’s xStocks platform to provide tokenized equities.
Cryptocurrency exchange Bybit is preparing to launch a financial “super app” in Europe that will combine everyday banking features with cryptocurrency trading, regulated derivatives and access to tokenized stocks.
The Dubai-based company has secured an electronic money institution license from Austria’s Financial Market Authority, according to founder and CEO Ben Zhou.
The license brings Bybit closer to offering European customers personal accounts, International Bank Account Numbers and payment services.
Founded in 2018, Bybit is one of the world’s largest cryptocurrency exchanges by trading volume and serves more than 80 million users.
Bybit Secures Key Electronic Money License
Bybit’s electronic money institution license will allow the exchange to provide services commonly associated with digital banking apps.
European customers could receive personal accounts and IBANs, accept salary payments, pay household bills and make local or third-party transfers.
These services would sit alongside stablecoins, spot cryptocurrencies and other digital assets within a single app.
Zhou compared the planned product to Revolut, but with Bybit’s existing cryptocurrency services added. Revolut holds banking licenses in the European Union and United Kingdom and also serves more than 80 million customers worldwide.
Bybit already holds a Markets in Crypto-Assets license in Austria, enabling the company to provide regulated crypto services across the European Union.
The exchange is also seeking authorization under the Markets in Financial Instruments Directive. Zhou said he expects the MiFID license to arrive in approximately two months.
Together, the MiCA, EMI and MiFID licenses would allow Bybit to combine crypto trading, payment services, traditional securities and regulated derivatives within one compliant European platform.
MiCA License Alone Has Not Been Profitable
Zhou acknowledged that holding only a MiCA license has not been enough for Bybit to operate profitably in Europe.
The company has been running its MiCA-regulated business for approximately a year, but high compliance expenses and intense competition have weighed on its performance.
European customers already have access to financial apps offering broad selections of banking and investment products. According to Zhou, a platform focused solely on cryptocurrency is unlikely to persuade users to switch providers.
Bybit’s strategy is therefore to spread regulatory and operational costs across a wider range of services while presenting customers with an all-in-one platform.
Obtaining a MiFID license would significantly expand Bybit’s product range. The authorization could allow the exchange to offer regulated cryptocurrency derivatives and provide access to conventional financial instruments, including US-listed stocks.
Bybit could connect with brokers such as Alpaca or Saxo Bank, enabling customers to hold companies such as Apple and Tesla in the same account as their digital assets.
The platform could also potentially offer contracts for difference covering stocks, gold, silver, oil and other commodities, subject to applicable regulatory requirements.
Bybit Will Continue Offering Tokenized Stocks Through xStocks
Bybit also plans to maintain its partnership with xStocks, the tokenized-equities platform developed by Kraken parent Payward.
The service gives investors exposure to stocks represented by blockchain-based tokens. Zhou said Bybit Global remains xStocks’ largest partner and emphasized that the exchange intends to work with external providers instead of developing every product internally.
The combined offering could give European customers access to banking services, spot crypto, stablecoins, tokenized equities, conventional stocks and derivatives through one regulated application.
