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Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations
In a recent announcement, Bybit has taken steps to advance its regulatory compliance by temporarily adjusting the availability of its products and services within the European Economic Area (EEA).
As part of its commitment to transparency and regulatory compliance, Bybit is actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. This proactive approach underscores the company’s dedication to aligning with stringent European regulatory standards, enhancing user protection, and delivering a secure trading environment.
“We are fully committed to ensuring our operations meet the highest regulatory standards,” said Ben Zhou, Co-founder and CEO of Bybit. “By obtaining the MiCAR license, we aim to create a seamless experience for both regulators and our users.”
In order to maintain compliance with applicable regulations, particularly regarding reverse solicitation, Bybit has made the difficult decision to generally cease all communication with the EEA region. This measure aims to avoid any potential breach of the strict reverse solicitation principle.
Existing customers’ access to their crypto assets remains uninterrupted throughout this temporary adjustment period.
As Bybit works towards obtaining a MiCAR license in Austria, it is committed to advancing its regulatory efforts and ensuring seamless operations for all stakeholders involved.
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Source: bravenewcoin.com
