Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations

Bybit, the world’s second-largest cryptocurrency exchange by
trading volume, continues to reinforce its commitment to transparency and
regulatory compliance. In response to evolving regulations, Bybit has made the
difficult but necessary decision to temporarily adjust the availability of its
products and services within the European Economic Area (EEA).

Paving the Way with MiCAR Compliance

Bybit is actively pursuing a Markets in Crypto-Assets
Regulation (MiCAR) license in Austria, a cornerstone of its compliance-first
approach. This effort underscores Bybit’s dedication to aligning with stringent
European regulatory standards, enhancing user protection, and delivering a
secure trading environment.

“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.”

Temporary Adjustments to EEA Operations

To ensure ongoing compliance with applicable regulatory
laws, particularly regarding reverse solicitation, Bybit has made the difficult
decision to generally cease all communication with the EEA region. This measure
is intended to avoid any potential breach of the strict reverse solicitation
principle. Existing customers’ access to their crypto assets remains
uninterrupted.

Although this was a challenging decision, it was necessary
for Bybit to maintain its compliance-first approach. Bybit is actively working
towards obtaining a MiCAR license in Austria to become one of the first players
in the EEA. Once the appropriate licensing is secured, Bybit will start
engagement with its EEA clients in accordance with applicable laws.

Balancing Innovation with Compliance

“As cryptocurrency adoption continues to grow globally, it
is Bybit’s 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, we’ve 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.”

Commitment to the EEA Market

Bybit will be deeply committed to serving its EEA clients
once it receives a MiCAR license. The company is actively engaging with
regulatory authorities to expedite the licensing process and start full
operations in the region.

Bybit appreciates the support of its users as it navigates
this pivotal regulatory journey. For questions or assistance, users are
encouraged to contact Bybit’s Customer Support team via Live Chat.

About Bybit

Bybit (https://www.bybit.com) is the world’s second-largest
cryptocurrency exchange by trading volume, serving over 50 million users.
Established in 2018, Bybit provides a professional platform where crypto
investors and traders can find an ultra-fast matching engine, 24/7 customer service,
and multilingual community support. Bybit is a proud partner of Formula One’s
reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.