Bybit, a crypto exchange, has received regulatory approval under the European Union’s Markets in Crypto-Assets (MiCA) framework from Austria’s Financial Market Authority (FMA), as per a statement released on May 29.
With this license, Bybit can now offer digital asset services in all 30 European Economic Area (EEA) countries.
Austria will serve as the central hub for Bybit’s European operations. The exchange intends to establish a permanent headquarters in Vienna and hire over 100 local professionals.
Bybit views the MiCA registration as a crucial step towards complying with Europe’s strict regulations on consumer protection, transparency, and anti-money laundering.
Mazurka Zeng, head of Bybit Europe, announced that the company will also launch educational initiatives through its Blockchain for Good Alliance to support blockchain research and development in partnership with universities.
By obtaining this approval, Bybit joins a select group of crypto firms already registered under MiCA, including platforms like Kraken, OKX, and Crypto.com, as well as traditional financial institutions such as BBVA and Clearstream.
Furthermore, Bybit’s CEO Ben Zhou revealed that the company is actively seeking licenses in other jurisdictions. He stated:
“We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance.”
Security Breach at Bybit
Despite strengthening its presence in Europe through the license, Bybit continues to deal with the aftermath of a major security breach in February, resulting in $1.4 billion in losses.
According to Bybit’s dedicated portal tracking the stolen funds, approximately $644 million, nearly 46% of the stolen assets, remains unaccounted for.
Investigations revealed that the attackers utilized advanced obfuscation tools like Wasabi Wallet, Tornado Cash, Railgun, and CryptoMixer to conceal their actions.
Most of the laundered funds, around $247 million, passed through Wasabi Wallet, while $94 million went through CryptoMixer.
Bybit confirmed that the remaining $693 million of the stolen funds is traceable, with $62.9 million already frozen.
In response to the breach, Bybit has awarded $2.3 million in bounties to 13 individuals and groups, including blockchain sleuth ZachXBT, BitJungle, and Mantle protocol.
