Bybit announces service restrictions for EEA residents amid regulatory changes, assuring access to account assets remains intact.
Bybit, a prominent cryptocurrency exchange, is set to implement a gradual restriction of its global platform services for users in the European Economic Area (EEA), effective June 29.
The exchange has reassured its users that they will receive advance notifications regarding any deadlines, enabling them to manage their current and future trades. Importantly, users will still have access to their account assets despite the upcoming limitations.
The affected countries include 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. Notably, Malta is excluded from this list, as Bybit EU does not hold a license to operate there.
For users in the EEA, Bybit operates through its regulated entity, Bybit EU, which is compliant with the Markets in Crypto-Assets (MiCA) regulations. Clients will need to set up a separate account to access services offered by Bybit EU.
In related news, Binance is also reportedly considering service restrictions in the EU beginning July 1, potentially stopping new user registrations, while allowing existing users to manage their assets and make withdrawals. Users have been advised to consider transferring their funds to non-custodial wallets or licensed crypto service providers. Binance had previously withdrawn its application for a MiCA license in Greece and is exploring authorization in a different EU country.
The transitional phase for MiCA concludes on July 1, affecting 27 EU nations. Unlicensed crypto exchanges must halt operations for EU clients to avoid legal ramifications.
