BYBIT applies for an Austrian investment company license

According to a report disclosed to Finbold on Friday, September 5, the Bybit Arm of Bibit, the European division of Bybit, the world’s second largest cryptocurrency exchange by trading volume, has officially applied for a license to an investment company under the implementation of the Austrian Financial Instruments Directive (MIFID II).

Once the application is approved, our local entity, BYBIT X GMBH, can offer regulated derivative products such as futures and options throughout the European Economic Area (EEA).

This application is primarily consistent with the official release of Bybit’s crypto payment cards in the same region. This allows users to use digital assets such as Bitcoin (BTC) and USD Coin (USDC) via Apple Pay, Google Pay, or physical cards.

Visibility of Bibit in Europe

The pending license represents a major expansion of the bybit.eu platform. It currently offers spot service in the market for Crypto-Assets (MICAR) licenses.

“This license will allow the BYBIT EU Group to expand its services in the EU through BYBIT X and BYBIT EU, allowing the Bybit.EU platform to offer derivatives such as futures and options, which we believe is a major boost to the existence of the EEA. said Mazurka Zheng, Managing Director and CEO of Bybit EU.

So far, the Micar-Compliant platform has introduced features such as up to 10x leverage, the Bybit Lite app and spot margin trading with the Bybit card program.

Furthermore, the partnership with the circle helped to boost USDC adoption in Europe.

Going forward, the company will focus on regulatory clarity as the key to establishing Europe as a successful, sophisticated trading market.

Overall, the MIFID II license helps create a wider suite of products accessible to European clients, whilst strengthening the exchange’s position as a key factor in innovation on the continent.

Featured Images via ShutterStock