Crypto exchange giant Bybit to offer European ‘super-app’ with stocks, derivatives
Crypto exchange Bybit is expanding its European operations by obtaining an electronic money institution license to launch a 'super-app' that includes stocks and derivatives. CEO Ben Zhou noted that multiple licenses are necessary to compete with established fintechs like Revolut in the European market.
Why it matters
This move signals a broader trend of crypto-native firms seeking traditional financial regulatory compliance to achieve profitability and compete with mainstream banking apps.
The Dubai-based firm, which was founded in 2018 and serves over 80 million users, has been granted an electronic money institution (EMI) license by its European regulator, the Austrian Financial Market Authority (FMA), the exchange’s founder and CEO Ben Zhou said in an interview with Coindesk.
Bybit, which already holds a Markets in Crypto Assets (MiCA) license in Austria, giving it access to the entire European Union, is about to acquire a Markets in Financial Instruments Directive (MiFID) license as well, Zhou said, which allows firms to offer financial products such as debt securities and derivatives.
“With these three licenses, we will become kind of like Revolut, plus what is currently offered by Bybit,” Zhou said in an interview. “And this is all completely regulated and compliant, and I'm quite excited about it. Because there are not many other regions where you can do that.”
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in