From Investing.com

December 13, 2024 10:00 AM:

Bybit, the world’s second-largest cryptocurrency exchange, is prioritizing transparency and regulatory compliance. Due to evolving regulations in the European Economic Area (EEA), Bybit is temporarily adjusting its products and services. Bybit is actively pursuing a MiCAR license in Austria to align with European regulatory standards and enhance user protection.

To comply with regulatory laws, Bybit has ceased communication with the EEA region to avoid breaching reverse solicitation principles. Existing customers can still access their crypto assets. Bybit’s decision to adjust operations in the EEA is driven by its commitment to innovation and compliance. The company aims to obtain a MiCAR license in Austria and engage with EEA clients lawfully.

Bybit’s CEO, Ben Zhou, emphasizes the company’s mission to provide secure trading experiences for global crypto communities. By temporarily adjusting EEA operations, Bybit aims to ensure compliance with regulatory standards and create a safer industry future. Once Bybit receives a MiCAR license, it plans to resume operations in the EEA, focusing on serving clients in the region.

Bybit is dedicated to serving EEA clients once it obtains a MiCAR license. The company is actively working with regulatory authorities to expedite the licensing process and resume full operations in the region. Bybit values the support of its users and encourages them to reach out to Customer Support for assistance.

Read more at Investing.com: Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations By Chainwire