In a recent keynote presentation on the social media platform X, Bybit announced its pursuit of a MiFID II license within the European Union. Securing this license will enable the cryptocurrency exchange to offer regulated derivatives products, such as futures and options, to its European customers. This move will enhance Bybit’s service offerings, extending its reach beyond the existing MiCA registration that currently allows only spot trading in cryptocurrencies.
According to the presentation, the MiFID license is expected to be in place within six months, allowing the company to launch derivative trading products that comply with EU regulations.
In a significant update, Bybit revealed that it will no longer support the popular trading platform MetaTrader 5 and instead redirect its users to its proprietary TraFi 5 platform. This transition marks the first instance of a major exchange offering TraFi access directly within its mobile application, facilitating the trading of commodities, contracts for difference (CFDs), and stocks all in one platform. This change is designed to streamline multi-asset trading—spanning cryptocurrency, stocks, and foreign exchange—while providing lower fees and enhancing integration, reflecting a move away from reliance on third-party platforms.
Additionally, Bybit has launched Bybit.EU, a new platform that complies with MiCA regulations for European operations. The organization is also committed to developing localized payment solutions and further expanding its derivatives services across the area. Plans are underway to pursue additional licenses in the United Arab Emirates and India.
User growth has been notable, with the platform reporting 74 million users, establishing itself as the second-largest exchange globally by user count. The presentation also addressed a significant security incident from earlier in the year, which involved the theft of $1.5 billion worth of Ethereum. Referred to as “the largest hack in human history,” this breach did not affect Bybit’s own infrastructure but led to a comprehensive security review. In response to the incident, the exchange has enhanced its wallet systems and partnered with blockchain analytics firms to track the stolen assets.
During the keynote, Bybit announced various product developments, including executive involvement in the Mantle project, a Layer 2 initiative built on Ethereum. They’ve also introduced an updated AI trading assistant that incorporates social sentiment to improve trading signals. Users can access tokenized stocks, including major companies like Apple and Tesla, through the platform. The Bybit Card has been expanded to markets in Latin America and Southeast Asia, now offering cashback rewards. Additionally, a new wealth management tool is available for users with over $1 million in assets.
Looking ahead, Bybit plans to launch several new features catering to both retail and institutional clients. These include a Web3 wallet enabling direct on-chain trading and a request-for-quote system tailored for institutional users. Moreover, the company will introduce a more user-friendly interface for yield products, organized into three distinct categories: Easy, On-Chain, and Advanced.
Overall, Bybit’s aggressive expansion into regulated markets, particularly in Europe, alongside innovative product launches and improvements in security protocols, positions it for robust growth as it aims to enhance the trading experience for users across the globe.