Bybit, a globally recognized second-ranked crypto exchange in terms of trading volume, has recently made a significant move to ensure regulatory compliance. As per the announcement, it has temporarily modified the provision of its services and products in the European Economic Area (EFA) to cope with the evolving regulations.
Bybit Adjusts Products for EEA Compliance
The prominent crypto exchange has taken the difficult decision to provisionally adjust the product availability to ensure regulatory compliance. In the meantime, the platform is actively endeavoring to get a Markets in Crypto-Assets Regulations license within the Austrian jurisdiction. Hence, this decision reflects Bybit’s priority for compliance, in line with the strict regulatory standards in Europe. This enhances consumer protection along with the establishment of a protected trading environment.
Bybit’s CEO and Co-Founder, BenZhou has expressed enthusiasm about this development, stating,
“Obtaining the MiCAR license will be a strategic milestone for Bybit,” he further added, “Our proactive stance ensures that we meet and exceed the expectations of both regulators and our users, as we work toward a future where innovation and compliance coexist seamlessly.”
The executive asserted that the MiCAR license will prove a strategic landmark achievement for the crypto exchange. Zhou added that the crypto exchange’s proactive stance guarantees its complete compliance, fulfilling the expectations of the regulators and consumers.
Bybit Halts EEA Operations Amid Regulatory Push
In the ongoing pursuit of compliance with the latest regulatory requirements, Bybit has terminated all interactions with the EEA zone. This measure focuses on avoiding any likely breach of the stringent regulation. However, Bybit claimed that the existing consumers will enjoy the uninterrupted availability of their respective crypto assets. Additionally, Bybit’s efforts to get a MiCAR license aim to place it among the key players in the EEA jurisdiction.
According to the Bybit CEO, with the continuous worldwide crypto adoption, Bybit targets to offer reliable, secure, and compliant trading experiences. The current decision to provisionally adjust the EEA-based activities underscores a crucial move in attaining the respective goal. This permits Bybit to focus on securing the required licenses and guaranteeing a completely compliant platform to serve EEA users.
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