Bybit EU Group has applied for a MiFID II license in Austria, signaling a move to offer regulated derivative products across the European Economic Area (EEA).

Executive Summary

Bybit EU Group has submitted an application to the Austrian Financial Market Authority (FMA) for a MiFID II license for its subsidiary, Bybit X GmbH. If approved, Bybit X will be authorized to offer regulated derivative products, including futures and options, throughout the EEA. This strategic move expands Bybit.eu's services beyond its existing MiCAR license, which currently covers spot crypto trading, further solidifying its presence in the derivatives market.

The Event in Detail

Bybit's CEO and co-founder, Ben Zhou, confirmed the application for the MiFID II license. The license would allow the crypto exchange to offer regulated derivatives products, including futures and options, to European clients. The company aims to present fully compliant derivative trading products in the EU within six months. Bybit has already launched Bybit.EU, a platform designed to comply with MiCA rules. In May 2025, Bybit secured its MiCAR license from the Austrian Financial Market Authority (FMA), enabling it to operate across all 29 EEA countries.

Market Implications

The MiFID II license, if granted, could significantly enhance Bybit's market position in the EEA. It would enable the company to offer a wider array of regulated crypto services, potentially attracting more users and institutional investors. Ben Zhou noted that the exchange is also pursuing additional licenses in the UAE and India, signaling a broader strategy of global expansion. The move reflects Bybit's aim to move away from third-party trading platforms, as evidenced by the phasing out of MetaTrader 5 for its in-house TraFi 5 platform.

Expert Commentary

Mazurka Zeng, Chief Executive Officer of Bybit Europe, stated that obtaining the MiCAR license demonstrates Bybit's commitment to compliance and transparency, aligning with Europe's high regulatory standards. Ben Zhou stated, > "We are working on our MiFID license, meaning hopefully within six months we'll present derivative trading products in the EU, all compliant."

Broader Context

The pursuit of a MiFID II license highlights the increasing importance of regulatory compliance in the cryptocurrency industry. As crypto markets mature, exchanges are proactively seeking regulatory approvals to enhance their credibility and expand their reach. Bybit's expansion into the derivatives market aligns with the growing demand for sophisticated trading products in the crypto space. This move may encourage other crypto exchanges to pursue similar regulatory approvals in Europe. Bybit now has 74 million users and claims to be the second-largest exchange globally by user base. The issuance of security tokens is subject to European regulation MiFiD II and thereby requires diligent legal work beforehand. As for security tokens, most crypto derivatives in EU countries fall into the scope of MiFiD II and require subsequent licensing, which is possible in Austria, in addition to a crypto license.