Bybit is winding down its global platform for EU residents: a new phase of MiCA regulation
Major cryptocurrency exchange Bybit has announced a phased restriction of its global platform's functionality for residents of the European Economic Area (EEA). This decision is a direct response to the entry into force of the MiCA regulations, which are changing the rules of the game for all crypto companies in Europe starting July 1.
According to my data, the exchange intends to publish the exact timelines for each phase in advance so that users can close or adjust their positions in a timely manner. An important nuance: access to assets in accounts will be fully preserved — no one will be left without their funds.
The restrictions will affect almost all EEA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. Malta is absent from this list — Bybit EU does not have a license there and does not offer services to local residents.
New Structure: Bybit EU and a Separate Account
The regulated European subsidiary of the group — Bybit EU — operates through a legal entity authorized under MiCA standards. Access to its products will require a separate account. This is a logical step: the global platform and the local licensed version now exist in parallel, which complies with regulatory requirements.
At the same time, rumors are circulating in the market about possible restrictions from Binance starting July 1. It is alleged that the exchange may suspend onboarding of new clients from the EU, restrict some services, but leave position management and asset withdrawals intact. Recommendations to transfer funds to non-custodial wallets or licensed providers are also mentioned. Previously, Binance withdrew its MiCA license application in Greece, intending to obtain authorization in another EU country.
Main Catalyst: MiCA Takes Effect
Let me remind you that starting July 1, the transitional period for MiCA ends in 27 European countries. Crypto platforms without the appropriate license must cease servicing clients from the EU — otherwise, it will be considered a direct violation of the law. The market is entering a new era, and Bybit, like other giants, is forced to adapt.
My professional commentary: This is just the beginning of a large-scale restructuring of the European crypto landscape. Bybit and Binance, by scaling back global services, show that MiCA is not just a declaration but a working enforcement mechanism. Investors should prepare in advance: either switch to licensed platforms or withdraw funds to cold wallets. Regulatory certainty is a blessing, but the transitional period will be painful for all participants.