On June 29, cryptocurrency exchange Bybit announced a phased restriction of certain services on its global platform for residents of the European Economic Area (EEA).
The exchange promised to announce deadlines in advance, allowing users to manage their current and new positions. According to company representatives, access to assets in accounts will remain intact.
The restrictions apply to the following EEA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
Malta is not included in this list: Bybit EU does not have an active license there and does not offer products and services to local residents.
The regulated European platform of the group is Bybit EU, which operates through a legal entity authorized under MiCA. A separate account is required to access Bybit EU products.
Meanwhile, Cointelegraph reported, citing user messages, that Binance may also impose service restrictions in the EU starting July 1. According to the publication, the exchange might halt onboarding new clients from the region, limit certain services, while still allowing users to manage positions and withdraw assets. Recommendations were also made to transfer funds to non-custodial wallets or to other licensed crypto service providers.
Previously, Binance withdrew its application for a MiCA license in Greece and intends to seek authorization in another, yet unnamed EU country.
As a reminder, the transitional period for MiCA will end on July 1 in 27 European countries. Unlicensed crypto platforms must cease servicing clients from the EU, or they will be considered in violation of the law.