Bybit’s Regulatory Rollercoaster: From Blacklist to MiCA Dreams!

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Ah, Bybit! A name that has danced through the halls of France’s financial institutions like a clumsy ballerina. Once upon a time, it found itself on the infamous blacklist of the Autorité des Marchés Financiers (AMF), a tale that began in 2022 when it was deemed a misfit in the realm of local regulations. But lo and behold, the clouds have parted, and Bybit has been granted a reprieve! 🎉

After two long years of regulatory tango, the exchange is now eyeing a grander stage—Europe! With dreams of a MiCA license fluttering in its heart, Bybit is ready to spread its wings and soar. 🦋

Bybit is Navigating Regulatory Hurdles

Once upon a time, the AMF had its proverbial finger wagging at Bybit, warning investors of its unauthorized escapades. Last year, the agency was quite the drama queen, reiterating its blacklisted status. But wait! In a plot twist worthy of a soap opera, the regulator has updated its press release, declaring that the past is, well, past. 🕰️

Bybit’s exit from the French market was like a bad breakup, but fear not! This new development hints at a possible reconciliation. In January, the exchange announced it would cease its withdrawal and custody services to French users, citing stricter regulations. But now, it seems the door to romance may be ajar once more.

In a statement that could rival a Shakespearean soliloquy, CEO Ben Zhou proclaimed that Bybit is determined to grow its European presence. He revealed that the company has been courting French regulators for over two years, all in pursuit of that coveted MiCA license. 💌

After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next.

— Ben Zhou (@benbybit) February 14, 2025

Should this license be granted, Bybit could offer its regulated crypto services across the European Union, securing its place in the bustling market. But alas, not all is rosy in the garden of Bybit; it still faces regulatory storms in other lands. In Malaysia, the authorities have put their foot down, and in India, the exchange had to hit the pause button due to regulatory woes. 🌧️

The Race for MiCA Compliance

But wait! Bybit is not alone in this regulatory race. Bitget, another rising star in the crypto cosmos, is also vying for a MiCA license. This comes after Coinspeaker reported that Bitget has secured approval to provide crypto services in Bulgaria. Talk about a glow-up! 🌟

With an already established presence in Poland and Lithuania, Bitget’s Chief Legal Officer, Hon Ng, is brimming with confidence, predicting full MiCA approval by 2025. The competition is heating up!

Other crypto exchanges are also scrambling to align with the European regulatory landscape. Coinspeaker recently reported that OKX has secured full MiCA licenses, allowing it to operate legally across the EU. It seems everyone is getting their ducks in a row! 🦆

Even the big players like Coinbase Global Inc. and Crypto.com are delisting non-compliant crypto assets and stablecoins to play nice with the MiCA rules. This reflects a broader trend where exchanges are aligning with European regulatory standards, all in the name of long-term stability and growth. Who knew compliance could be so fashionable? 😏

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2025-02-14 21:03