Bybit Sets Sights on All-in-One European Financial Platform Combining Crypto, Equities, and Banking

Key Highlights

• The exchange secured MiCA authorization in Austria, enabling operations throughout the European Union, and is now pursuing MiFID II credentials to provide derivatives and traditional equities
• Ben Zhou, the company’s chief executive, envisions a platform operating similarly to digital banks, featuring IBAN accounts, payroll capabilities, and domestic payment transfers
• The exchange is working toward obtaining an electronic money institution credential to complement its MiCA and MiFID II applications for a complete European offering
• Upon MiFID II authorization, customers could maintain holdings in companies like Apple and Tesla alongside digital currencies within a unified account
• The platform continues as the primary collaborator for Kraken’s xStocks tokenized stock offering

Bybit, a leading cryptocurrency exchange ranked among the highest by transaction volume worldwide, is developing an integrated European service where customers can execute cryptocurrency transactions, maintain equity positions, and utilize derivatives through a single interface.

The exchange, headquartered in Dubai and established in 2018, currently supports more than 80 million users internationally. The platform has obtained MiCA authorization from Austria’s Financial Market Authority, granting operational rights across every European Union nation.

The company is now expanding its regulatory footprint. Through its subsidiary Bybit X GmbH, the firm has submitted an application for MiFID II authorization. Approval would enable the platform to provide regulated derivative instruments including futures and options, plus direct access to traditional equity markets such as United States stocks.

In conversation with CoinDesk, CEO Ben Zhou described the vision as creating a platform comparable to Revolut but with integrated cryptocurrency capabilities. “With these three licenses, we will become kind of like Revolut, plus what is currently offered by Bybit,” he explained.

Revolut operates with comprehensive banking credentials throughout the European Union and United Kingdom, maintaining approximately 80 million users and achieving a valuation near $115 billion as of July.

Zhou has spoken candidly about the limitations of operating solely under MiCA regulations for establishing a sustainable European operation. Regulatory compliance expenses are substantial, and the platform faces intense pressure from comprehensive financial service providers.

“We’ve been running the MiCA license for about a year now. It is not profitable,” Zhou acknowledged. “Unless you have all the bells and whistles, clients won’t shift just because you have something called crypto.”

Traditional Banking Capabilities Coming Soon

The electronic money institution credential will enable the platform to provide customers with individual IBAN accounts, salary deposit functionality, utility payment options, and domestic transfer services. This represents the fundamental banking infrastructure supporting the trading capabilities.

Zhou anticipates receiving MiFID approval within approximately two months. Following authorization, the exchange intends to establish connections with partners such as Alpaca or Saxo Bank to facilitate direct equity trading.

“Clients can hold Apple and Tesla in their account, and then they can even trade contracts for difference, gold, silver, commodities, oil, all of that,” Zhou outlined.

Navigating Intense Market Competition

The company is entering a competitive landscape. Coinbase, Kraken, and Bitstamp have all obtained or actively pursued European authorizations under MiCA regulations. Binance maintains operations through multiple national registrations. OKX has similarly been broadening its European presence.

What distinguishes the platform’s approach is its simultaneous pursuit of MiCA, MiFID II, and EMI authorizations. The majority of cryptocurrency platforms have limited their applications to MiCA compliance.

The exchange maintains its collaboration with Kraken’s xStocks service for tokenized equity products. Zhou confirmed the platform’s status as xStocks’ most significant global collaborator.

European customers presently access spot market trading and margin trading restricted to 10x leverage. This leverage limitation aligns with European investor safeguarding regulations, which impose stricter requirements than the platform’s international offering.

The MiFID II application was filed in September 2025. Authorities have not announced a projected approval timeline.

The post Bybit Sets Sights on All-in-One European Financial Platform Combining Crypto, Equities, and Banking appeared first on Blockonomi.