Key Highlights
- Bybit secured a MiCA license through Austria, enabling operations across the entire European Union, and has filed for MiFID II authorization to provide derivatives and traditional equities
- According to CEO Ben Zhou, the upcoming platform will operate similarly to a traditional banking application, offering IBANs, payroll deposits, and domestic money transfers
- The exchange is working toward an electronic money institution license to complement its MiCA and MiFID II credentials for a full-service European offering
- Upon MiFID II clearance, customers will be able to manage shares of companies like Apple and Tesla directly within their crypto accounts
- The platform continues as the primary global collaborator for Kraken’s xStocks tokenized stock offering
Bybit, recognized as one of the highest-volume cryptocurrency exchanges worldwide, is developing an integrated European service that will enable customers to trade digital assets, invest in equities, and utilize derivatives within a unified interface.
Established in 2018 and headquartered in Dubai, the platform currently supports more than 80 million users internationally. The company has obtained MiCA authorization from Austria’s Financial Market Authority, granting operational privileges throughout EU member nations.
Bybit is now expanding its regulatory footprint. Through its subsidiary Bybit X GmbH, the firm has submitted an application for MiFID II licensing. Approval would authorize the platform to deliver regulated futures contracts, options products, and trading access to traditional equities including American stocks.
Speaking with CoinDesk, CEO Ben Zhou described the vision as creating something comparable to Revolut but with native cryptocurrency integration. “With these three licenses, we will become kind of like Revolut, plus what is currently offered by Bybit,” he explained.
Revolut maintains comprehensive banking authorization across the European Union and United Kingdom, supporting approximately 80 million clients and achieving a valuation near $115 billion as of July.
Zhou has candidly acknowledged that MiCA authorization alone falls short of establishing a sustainable European operation. Regulatory compliance expenses remain substantial while competition from comprehensive financial service providers intensifies.
“We’ve been running the MiCA license for about a year now. It is not profitable,” Zhou acknowledged. “Unless you have all the bells and whistles, clients won’t shift just because you have something called crypto.”
Traditional Banking Capabilities Coming Soon
Securing the electronic money institution authorization will enable Bybit to provide users with individual IBAN accounts, salary deposit functionality, utility payment options, and domestic transfer capabilities. This represents the foundational banking infrastructure supporting the platform’s trading services.
Zhou anticipates receiving the MiFID license within approximately two months. Following approval, Bybit intends to establish connections with financial partners such as Alpaca or Saxo Bank to facilitate direct equity transactions.
“Clients can hold Apple and Tesla in their account, and then they can even trade contracts for difference, gold, silver, commodities, oil, all of that,” Zhou outlined.
Navigating an Established Competitive Landscape
Bybit’s European expansion occurs within a competitive environment. Coinbase, Kraken, and Bitstamp have already obtained or actively pursued European authorization under MiCA frameworks. Binance maintains operations through multiple national registrations, while OKX has similarly been strengthening its European presence.
Bybit distinguishes itself through its simultaneous pursuit of MiCA, MiFID II, and EMI licensing. The majority of cryptocurrency platforms have limited their regulatory efforts to MiCA compliance alone.
The platform maintains its collaboration with Kraken’s xStocks service for tokenized equity products. Zhou confirmed that Bybit continues as xStocks’ most significant international partner.
European customers presently access spot trading functionality and margin trading restricted to 10x leverage. This leverage limitation aligns with European investor protection regulations, which impose stricter requirements than Bybit’s worldwide platform standards.
The MiFID II application was filed in September 2025. Regulatory authorities have not yet announced a definitive approval timeline.
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