Crypto Exchange Bybit has received the approval of the regulations under the markets of the European Union in Crypto-Assets (MICA) Framework of the Financial Market Authority (FMA) of Austria, according to a statement issued on 29 May.
This license enables the platform to offer digital assets services in all 30 European economic space (EEA) countries.
Bybit intends to make Austria the hub of its European activities. The fair will set up a permanent head office in Vienna and recruit more than 100 local professionals.
According to the company, MICA registration is an important step in tuning to the strict rules of Europe around consumer protection, transparency and money laundering.
Mazurka Zeng, head of Bybit Europe, said that the company is also launching educational efforts through its blockchain for Good Alliance. This initiative will support blockchain research and development in collaboration with universities.
With this approval, Bybit agrees with a small group of crypto companies that have already been registered under Mica. These include platforms such as Kraken, OKX and Crypto.com, as well as older financial institutions such as BBVA and Clearstream.
In the meantime, Bybit’s CEO Ben Zhou said that the company is also actively pursuing licenses in other areas of law. He added:
“We actively work together with supervisors and the worldwide pursuit of licenses to ensure that our users have access to our innovative platform with the highest levels of legal and compliance insurance.”
Bybit’s security breach
Although the license strengthens the position of Bybit in Europe, the stock market is still struggling with the consequences of a massive infringement in February that resulted in $ 1.4 billion in losses.
According to a dedicated portal launched by the exchange to follow the stolen funds, around $ 644 million, almost 46% of the stolen assets, are not traceable.
The research showed that the attackers used advanced obfuscation -tools such as Wasabi Wallet, Tornado Cash, Railgun and Cryptomixer to cover their traces.
The majority of the white -washed funds, around $ 247 million, went through the Wasabi wallet, while $ 94 million flowed through cryptomixer.
However, the stock market has said that the remaining $ 693 million of the stolen funds is traceable and $ 62.9 million already frozen.
In response to the infringement, Bybit has awarded $ 2.3 million premes to 13 people and groups, including blockchain Sleuth Zachxbt, Bitjungle and Mantle Protocol.