Key Highlights
- Bybit will gradually restrict EEA users from accessing its global platform.
- Bybit EU will continue serving compliant European users under a regulated structure.
- Affected users will receive advance notice and retain access to their assets.
Bybit, one of the world’s largest cryptocurrency derivatives exchanges, has announced it will progressively limit access to its global platform for residents of the European Economic Area (EEA) as it works to align its operations with the region’s regulatory requirements.
In an official notice to its community, Bybit stated that certain services on Bybit Global will be restricted for EEA users. The exchange emphasized that affected users will receive advance notice with clear timelines to manage existing positions and balances. Importantly, users will retain full access to their custodied assets during the transition period.
The move comes as the EU’s Markets in Crypto-Assets (MiCA) regulation takes full effect on July 1, requiring all crypto service providers targeting EU clients to obtain a license from a member state regulator. A single license can then be passported across the 27-nation bloc. Bybit said it is adjusting its operations to meet these requirements by limiting access to its global platform for EEA users.
Restrictions apply across the EEA
The announcement lists 29 EEA countries in scope, including major markets such as Germany, France, Italy, Spain, and the Netherlands. Malta is notably excluded from the restrictions, as Bybit EU holds licenses that have not been passported there and does not actively serve Maltese residents.
Bybit EU, the group’s dedicated regulated arm, operates as an MiCAR-authorized entity and will continue serving European clients through its localized platform. The company is also pursuing additional licensing in Austria to expand its product offerings under the regulated entity. Users seeking continued access to Bybit services in Europe are encouraged to migrate to Bybit EU.
OKX takes aim at Bybit
OKX Europe CEO Erald Ghoos took a direct shot at rival Bybit following its announcement to limit services for EEA users due to a lack of full MiCA alignment on its global platform.
In a post on X, Erald urged Bybit Global and Binance users to transfer their assets to OKX immediately to avoid potential fund lockouts or service disruptions. “Don’t let your funds get locked out or services fully disabled.”
The comment highlights intensifying competition among crypto platforms in Europe as MiCA regulations take effect. While Bybit maintains a separate MiCAR-authorized entity (Bybit EU), Erald focused on the restrictions facing Bybit Global users
MiCA is forcing exchanges to adapt
This development reflects growing regulatory pressure on offshore crypto platforms operating in the EU. MiCA aims to protect consumers, improve market integrity, and create a harmonized framework, but it has forced many international exchanges to either invest heavily in local compliance or scale back operations.
Binance has announced it will suspend crypto services for customers across the European Union starting July 1 after withdrawing its MiCA license application in Greece. The exchange had pursued authorization through a Greek entity for roughly 18 months but pulled the application on June 24 ahead of an expected rejection.
From July 1, all crypto firms serving the EU must hold a MiCA license. Binance described the withdrawal as a “prudent decision” and said it would seek authorization in another member state. The move leaves many EU users needing to migrate to regulated alternatives or face restricted access, underscoring the tightening regulatory environment under MiCA.
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