Bybit Off Blacklist: Crypto Giant Eyes EU MiCA License
1min read Crypto exchange Bybit has been removed from the blacklist of France's financial regulator, the Autorité des Marchés Financiers (AMF), following over two years of engagement to address compliance concerns. The exchange's CEO, Ben Zhou, confirmed the news on X, stating that Bybit had been working with the French regulator through multiple remediation efforts to achieve this outcome.
Bybit faced regulatory challenges in France, leading to the suspension of its operations in the country in 2024. At the time, the AMF warned investors that the platform was not registered and even considered legal action due to its non-compliance. However, the exchange has now successfully addressed these concerns and has been removed from the blacklist.
Following its removal from the blacklist, Bybit is now working towards securing a Markets in Crypto-Assets Regulation (MiCA) license for operations in the European Union. MiCA, which took effect this year, is the region's first comprehensive crypto regulatory framework. It establishes unified rules for crypto businesses, enhancing consumer protection, preventing market manipulation, and ensuring regulatory compliance. Several major crypto firms, including Crypto.com, Coinbase, Gemini, MoonPay, Kraken, and OKX, have obtained the necessary licenses to continue serving European users.
In addition to its efforts to comply with MiCA, Bybit is also restructuring its trading services by migrating its Options platform to Tether's USDT. The move aims to boost liquidity and cater to the needs of institutional traders. Zhou highlighted that the transition was driven by market demand for a more stable and efficient trading environment. USDT, the largest stablecoin with a market cap exceeding $140 billion, is widely used in crypto trading due to its liquidity and price stability. Bybit's shift to USDT-based Options trading is expected to attract institutional investors seeking enhanced market efficiency.
