Bybit to Move EEA Services to EU Unit as MiCA Takes Effect
Summary
- Bybit said it will gradually restrict EEA services on its global platform and move them to its EU unit.
- Bybit said it will provide existing users with a timeline for managing positions and balances while maintaining access to assets held in custody.
- Bybit said its EU unit operates through an entity that has secured a MiCA license and is seeking an additional license in Austria.
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Global cryptocurrency exchange Bybit will move its services in the European Economic Area to its European Union unit.
Bybit said June 29 that it will gradually restrict EEA services on its global platform as the EU’s Markets in Crypto-Assets regulation, or MiCA, takes full effect on July 1.
The exchange said it will guide existing users through the transition to the EU unit. EEA users will receive a clear timeline for managing existing and new positions, it said. Users will also retain access to assets held in custody in their accounts so they can close out positions and balances.
Separately, Bybit’s EU unit operates through an entity that has secured a MiCA license. The company added that it is seeking an additional license in Austria to expand services.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.