Bybit EU Group, the European arm of Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has formally applied for an investment firm license under Austria’s implementation of the Markets in Financial Instruments Directive (MiFID II), according to the reports disclosed to Finbold on Friday, September 5.
If the application is approved, the company’s local entity, Bybit X GmbH, will be able to offer regulated derivatives products such futures and options across the European Economic Area (EEA).
The application largely coincides with the official launch of Bybit’s crypto payment card in the same region, which now allows users to spend digital assets such as Bitcoin (BTC) and USD Coin (USDC) through Apple Pay, Google Pay, or a physical card.
Bybit’s expansion in Europe
The pending license represents a significant expansion of the Bybit.eu platform, which is currently providing spot services under the Markets in Crypto-Assets (MiCAR) license.
“This license will allow Bybit EU Group to expand its services in the EU through Bybit X and Bybit EU and will make it possible to offer derivatives such as futures and options on the bybit.eu platform. We see this as a major boost to our presence in the EEA. Our mission is clear: to provide the full range of crypto-focused services to our European users in the safest and most compliant way possible,” said Mazurka Zheng, Managing Director and CEO of Bybit EU.
So far, the MiCAR-compliant platform has introduced features such as spot margin trading with up to 10x leverage, the Bybit Lite app, and a Bybit Card program.
In addition, partnerships with Circle have helped boost USDC adoption in Europe.
Looking ahead, the company is focusing on regulatory clarity as the key to establishing Europe as a successful and advanced trading market.
All in all, the MiFID II license would help make a broader suite of products accessible to European clients while reinforcing the exchange’s position as an important driver of innovation on the continent.
Featured image via Shutterstock
Source: https://finbold.com/bybit-applies-for-an-investment-firm-license-in-austria/