The Good Tech Companies - Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations

Episode Date: December 13, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/bybit-advances-regulatory-compliance-temporarily-adjusts-eea-operations. In response to evolving regulations, Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services wit Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #bybit, #chainwire, #press-release, #bybit-announcement, #blockchain-development, #mica, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. Bybit is the world’s second-largest cryptocurrency exchange by trading volume. Bybit is actively pursuing a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. To ensure ongoing compliance, Bybit has made the difficult decision to generally cease all communication with the EEA region.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Bybit advances regulatory compliance, temporarily adjusts EEA operations. By Chainwire, Dubai, United Arab Emirates, December 13, 2024, Chainwire, Bybit, the world's second-largest cryptocurrency exchange by trading volume, Continuosto reinforce its commitment to transparency and regulatory compliance. In response to evolving regulations, Bybit has made the difficult but necessary decision to temporarily adjust the availability of its products and services within the European Economic Area. EEA, paving the way with MyCar compliance Bybit is actively pursuing a markets in crypto assets regulation, MyCar, in Austria, a cornerstone of its

compliance-first approach. This effort underscores Bybit's dedication to aligning with stringent European regulatory standards, enhancing user protection, and delivering a secure trading environment. Greater than obtaining the MICAR license will be a strategic milestone for Bybit, said Greater Than Ben Zhou, co-founder and CEO of Bybit. Our proactive stance ensures that we greater than meet and exceed the expectations of both regulators and our users, as we work greater than toward a future where innovation and compliance coexist seamlessly. Temporary adjustments to EEA operations to ensure ongoing compliance with applicable regulatory laws, particularly regarding reverse solicitation,

Bybit has made the difficult decision to generally cease all communication with the EA region. This measure is intended to avoid any potential breach of the strict reverse solicitation principle. Existing customers' access to their crypto assets remains uninterrupted. Although this was a challenging decision, it was necessary for Bybit to maintain its compliance-first approach. Bybit is actively working towards obtaining Amacar license in Austria to become one of the first players in the EEA. Once the appropriate licensing is secured, Bybit will start engagement with its clients in accordance with applicable laws. Balancing innovation with compliance, greater than. As cryptocurrency adoption continues to

grow globally, it is Bybit's mission greater than. As cryptocurrency adoption continues to grow globally, it is Bybit's mission greater than to deliver secure and reliable trading experiences underpinned by robust greater-than regulatory framework to all crypto communities, said Ben Zhou, co-founder and greater-than CEO of Bybit. Greater than, greater than, greater than. To ensure we meet the highest standards and pave the way for a safer and more greater-than sustainable future for the industry. We've made the proactive decision to greater than temporarily adjust our operations in the EEA. This allows us to focus on greater than obtaining the necessary licenses and ensuring a fully compliant platform greater than focused on

serving EEA clients. Commitment to the EEA market Bybit will be deeply committed to serving its EEA clients once it receives Amacar license. The company is actively engaging with regulatory authorities to expedite the licensing process and start full operations in the region. Bybit appreciates the support of its users as it navigates this pivotal regulatory journey. For questions or assistance, users are encouraged to contact Bybit's customer support team via live chat. Hashtag Bybit, hashtag the crypto arc A B O U T B Y B I T Bybit is the world's second largest cryptocurrency exchange by trading volume, serving over 50 million users.

Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24x7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning constructors and drive as champions, the Oracle Red Bull Racing Team. For media inquiries, please contact media at bybit.com Contact head of PR Tony Obibidini.oo at bybit.com Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging Thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.