Bybit Takes Steps Towards Regulatory Compliance, Makes Temporary Changes to EEA Operations
Bybit, the second-largest global crypto exchange by trading volume, is doubling its dedication to transparency and adherence to regulatory standards. In light of shifting regulatory landscapes, Bybit has taken the strategic step to temporarily modify the accessibility of its offerings within the European Economic Area (EEA).
Leading the Charge with MiCAR Compliance
Bybit is strategically working towards securing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria, underscoring its commitment to a compliance-first strategy. This initiative highlights Bybits commitment to adhering to rigorous European regulatory frameworks, bolstering user safety, and providing a secure trading landscape.
Obtaining the MiCAR license will be a strategic milestone for Bybit, said Ben Zhou, Co-founder and CEO of Bybit. 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.
Interim Modifications to EEA Activities
In light of the evolving regulatory landscape, especially concerning reverse solicitation, Bybit has opted to halt all communications with the EEA region as a precautionary measure. This strategy aims to prevent violating the stringent reverse solicitation principle. Current users can seamlessly access their crypto assets without any disruptions.
While this decision posed its challenges, it was essential for Bybit to uphold its commitment to a compliance-first strategy. Bybit is making strides to secure a MiCAR license in Austria, positioning itself as a pioneer in the EEA landscape. After obtaining the necessary licensing, Bybit will initiate interactions with its EEA clients, ensuring compliance with relevant regulations.
Balancing Innovation with Compliance
As cryptocurrency adoption continues to grow globally, it is Bybits mission to deliver secure and reliable trading experiences underpinned by robust regulatory framework to all crypto communities, 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, weve made 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 clients.
Dedication to the EEA Market
Bybit is poised to enhance its dedication to EEA clients after acquiring a MiCAR license. The company proactively discusses with regulatory bodies to fast-track the licensing process and launch full regional operations.
Bybit values the backing of its community as it charts its course through this crucial regulatory landscape. Users can contact Bybits Customer Support team through Live Chat for inquiries or support.
Text source: ZyCrypto
