Bybit has become the latest major crypto player to scale back its European footprint. The exchange told its users on June 29 that access to certain services on its global platform will be pro
Bybit has become the latest major crypto player to scale back its European footprint.
The exchange told its users on June 29 that access to certain services on its global platform will be progressively limited for residents of the European Economic Area.
The exchange framed the move as part of its ongoing regulatory alignment. This comes just days before the European Union's landmark Markets in Crypto-Assets Regulation (MiCA) regime takes full effect on July 1.
Related: Europe can’t buy Bitcoin ETFs, this CEO has a fix
The restrictions now cover 29 EEA countries, spanning the European Union plus Iceland, Liechtenstein, and Norway.
Bybit said affected users will receive advance notice with timelines for managing existing and new positions, and will retain access to assets held in their accounts so they can unwind balances in an orderly way.
Malta is excluded, as Bybit's EU licenses are not currently passported there.
Most importantly, this reads less as an exit than a restructuring. Bybit operates a separate, MiCAR-authorized entity called Bybit EU that serves as its regulated European platform, and EEA users are effectively being funneled toward it.
The company added that it is pursuing additional licensing in Austria to broaden the products it can offer across the bloc.
The timing is no accident. The EU's MiCA ends its transition period on July 1, after which any platform serving EU users without authorization from a national regulator is in breach of the law.
The bar has proven steep. Of more than 3,000 crypto firms operating across Europe, only about 210 had secured full authorization by the deadline, with a clearance rate near 7%.
Binance, the world's largest exchange by volume, is the starkest example. It withdrew its MiCA application in Greece on June 24 ahead of an expected rejection tied to its regulatory history. It then informed EU users it would restrict services from July 1 while it seeks a license elsewhere, reportedly in France.
Earlier in 2026, Binance and other venues delisted non-MiCA-compliant stablecoins such as USDT across the EEA. Rivals, including Coinbase (NASDAQ: COIN), Kraken, OKX, and Crypto.com, cleared the process and now hold a competitive edge, while smaller platforms have quietly retreated from the region.
Related: Exclusive: Binance CMO says crypto will be “omnipresent”
