Bybit CEO Says MiCA License Alone Is Not Enough to Turn a Profit in Europe

The European Union's Markets in Crypto-Assets Regulation (MiCA) has applied in full since December 30, 2024, harmonizing regulatory requirements for crypto-asset service providers but not covering every financial service. Bybit CEO Ben Zhou said exchanges seeking to profit from derivatives and payments still need authorization under MiFID and an electronic money institution (EMI) license.

Zhou recently said a MiCA license alone would be unlikely to return Bybit's European operations to profitability. MiFID authorization enables derivatives services, while an EMI license covers electronic money and payments. With MiCA transitional arrangements ending no later than July 1, 2026, platforms that fail to secure the additional authorizations or cannot bear the compliance costs may exit the market or be acquired.