Bybit Expands European Operations with New Licenses

Bybit, one of the world's largest cryptocurrency exchanges, is expanding its operations in Europe by obtaining new licenses. The company has received an electronic money institution license from the Austrian Financial Market Authority (FMA), which will enable users to have their own accounts and IBAN numbers.

This means customers can receive salaries, pay bills, and perform local money transfers, similar to a traditional bank account.

Bybit's existing MiCA license allows the company to offer crypto services across the European Union. However, according to CEO Ben Zhou, a single license is not enough to operate profitably in Europe due to compliance costs.

The new electronic money license will pave the way for Bybit to integrate crypto trading services with payment features within the same application.