Bybit Discontinues EU Support on Main Platform Due to MiCAR Regulations

币界网报道:Bybit, one of the world's leading cryptocurrency exchanges, has announced it will discontinue services for European Union (EU) users on its main platform starting October 1, 2023, due to regulatory challenges posed by the EU's Markets in Crypto-Assets (MiCA) framework. The exchange will instead transition EU customers to a standalone platform, Bybit.nl, which is fully compliant with MiCA regulations. Bybit emphasized that this move ensures uninterrupted services for EU users while adhering to the new regulatory requirements. The standalone platform will offer the same trading experience, including spot trading, derivatives, and NFT services, but will operate under stricter compliance measures. Bybit's decision follows similar actions by other crypto firms adjusting to MiCA, which aims to standardize crypto regulations across the EU. The exchange assured users that their assets remain secure during the transition and encouraged them to complete identity verification on the new platform. MiCA, set to fully take effect in 2024, introduces comprehensive rules for crypto service providers, including licensing, transparency, and consumer protection mandates. Bybit's proactive shift highlights the growing impact of global regulatory changes on crypto businesses. The exchange remains committed to expanding in compliant markets while navigating evolving legal landscapes.

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