CoinDesk
Bybit has secured an electronic money institution license from Austria’s Financial Market Authority and already holds a MiCA license that gives it access across the EU, CEO Ben Zhou told CoinDesk. He said the Dubai-based exchange, which serves more than 80 million users, expects its MiFID license in about two months, opening access to regulated derivatives and equity trading.
The planned European “super app” would combine spot crypto trading with bank-style accounts and IBANs, salary payments, bill payment and local transfers. Customers could hold Apple and Tesla shares, trade derivatives and contracts for difference tied to gold, silver, commodities and oil, while Bybit continues working with Kraken’s xStocks for tokenized equities.
Why it matters
Zhou says MiCA access alone has not made Bybit profitable after about a year, while compliance costs and competition from Revolut raise the bar. His pitch is one regulated account for payments, crypto and traditional markets. Zhou described the model as “Revolut, plus what is currently offered by Bybit,” arguing that multiple licenses are needed to compete and turn a profit in the bloc. Revolut, which also serves more than 80 million customers, is the benchmark Bybit is trying to challenge.
Market impact
The plan pushes crypto exchanges deeper into regulated financial infrastructure as tokenized equities gain traction. Binance’s bStocks reached about $118.5 million in two months and roughly 90% of on-chain equity DEX volume. Bybit’s next test is whether broader licensing can turn European usage into a profitable business.
Frequently asked questions
-
Which European licenses does Bybit hold or expect for the super app?
Bybit holds an Austrian electronic money institution license and a MiCA license, while CEO Ben Zhou said its MiFID license is expected in about two months.
-
What payment features would Bybit’s European account offer?
The planned account would include an IBAN, salary payments, bill payment and local transfers.
-
Which traditional assets could Bybit users trade under MiFID?
Zhou said users could hold Apple and Tesla shares and trade derivatives or contracts for difference tied to gold, silver, commodities and oil.
-
Why does Bybit need more than a MiCA license in Europe?
Zhou said MiCA access alone had not made the business profitable after about a year. Compliance costs and competition from Revolut raise the bar.
-
How is Bybit approaching tokenized equities?
Bybit is partnered with Kraken’s xStocks product for tokenized equities, and Zhou said that arrangement will continue.
CryptoSlate
WuBlockchain
TheBlock
WatcherGuru
Crypto News