Cryptocurrency exchanges Bybit and OKX are expanding their services in Europe, leveraging the regulatory clarity offered by the Markets in Crypto-Assets (MiCA) framework. Both exchanges have launched fully regulated platforms in Europe this week, signaling a growing trend of major exchanges seeking to establish a presence in the region.
Bybit.eu has launched to serve European Economic Area (EEA) users with a Crypto-Asset Service Provider (CASP) license under MiCA. Bybit's Austria-based operations, established in late May, hold a license that extends to 29 EEA countries. The platform supports multiple languages, including English, Polish, Portuguese, and Spanish, with plans to add German, French, Italian, and Romanian. Bybit.eu aims to aggregate liquidity from multiple providers and offer advanced trading tools for European retail and institutional users. A Bybit spokesperson noted that MiCA demands strict controls around investor protection, capital requirements, operational transparency, and Anti-Money Laundering (AML) compliance, which requires significant structural changes without compromising user experience.
OKX has also launched its fully regulated centralized crypto exchange in France via MiCA passporting. OKX Europe CEO Erald Ghoos stated that France is a key market for the firm, and the expansion marks a major milestone in their European growth. The OKX platform includes euro trading pairs, staking products, and trading bots, along with localized customer support. OKX's expansion includes the launch of fully regulated centralized exchanges in Germany and Poland. These platforms offer access to over 270 cryptocurrencies, including more than 60 crypto-Euro pairs, with features like spot trading, staking, automated trading bots, Euro deposits and withdrawals, and localized Earn products. Ghoos also noted that moving into Europe provides OKX with a clear regulatory framework that offers legal clarity and fosters long-term planning.
MiCA, which came fully into effect on December 30, 2024, standardizes crypto regulation across the EU and introduces a passporting mechanism. This mechanism enables licensed firms to operate in any EEA country without needing additional approvals. The implementation of MiCA is a primary reason for establishing crypto service provider operations in the EEA, offering a more unified regulatory landscape compared to jurisdictions like the United Kingdom.
The expansion of Bybit and OKX follows similar moves by other crypto exchanges, including Coinbase and Crypto.com, all of whom have secured licenses under MiCA in 2025. Kraken secured a MiCA license in Ireland, allowing it to offer regulated services to residents in the 30 European Economic Area member states. This influx of exchanges is expected to intensify competition in the European market.
Some anticipate that MiCA will lead to consolidation within the European crypto market. Smaller exchanges may face challenges in meeting the costs and complexities of MiCA standards, potentially favoring larger, tech-advanced exchanges with the resources and regulatory preparedness to comply. Despite debates about increased surveillance and reduced monetary freedom, compliance with MiCA is generally seen as fostering stability, which could benefit exchanges based in Europe.
However, challenges remain, including the need for strict controls around investor protection, capital requirements, operational transparency, and AML compliance. For OKX, the diversity of the European clientele poses a significant challenge. Nonetheless, MiCA provides decent ground rules, and European regulators are already discussing a second regulatory package, “MiCA 2.0,” to address any gaps in the initial legislation.
