Bybit Restricts European Access Amid MiCA Regulation

Crypto exchange Bybit has announced it will leave the European Economic Area (EEA) as the MiCA regulation takes full effect on July 1, 2026. The company will restrict access to its global platform for EEA residents and users will receive instructions on managing open positions, transferring funds, and migrating to a regulated platform in Europe.

Bybit EU, a separate platform licensed in Austria under MiCAR, already serves clients across the EEA except Malta. It offers custody and management of crypto assets, exchange services between crypto and fiat or other digital assets, and transfer services. A separate account is required to use this platform.

To attract new users, Bybit EU has launched a 'Move Your Funds, Get Rewarded' campaign running through July 31, 2026. New EEA users can receive bonuses including welcome packages from €20, card bonuses up to €120, and 100% cashback on subscriptions in the first month.

Bybit's move is part of a broader restructuring of Europe's crypto market due to the MiCA rulebook taking full effect on July 1. According to ESMA, only 210 of more than 1,200 companies had received authorization by late May. Up to 80% of operators could leave the market.

Other high-profile exchanges such as Binance have also been affected. The exchange failed to secure a license in Greece and will suspend services in several EU countries starting July 1. Users have already withdrawn about $400M from Binance in the past week.