On 29 June, the crypto company Bybit announced the phasing out of part of its global platform for users from the European Economic Area (EEA). The company’s representatives assured that specific deactivation dates for certain services would be communicated in advance so that customers could close or transfer open positions. In doing so, access to personal funds on the balance sheet will be fully preserved.

Customers from 28 EEA countries, including the region’s largest economies - Germany, France, Italy, Spain, and the Netherlands - will be affected. It is noteworthy that Malta is not on the list, as the local division of Bybit EU does not have a valid license there and does not serve local residents. For legal operation in the European market, the company uses a separate legal entity with MiCA authorization. To continue trading in full, EU users will need to register a new, isolated account on the regulated platform Bybit EU.

The wave of restrictions is taking over other industry giants as well. According to Cointelegraph, Binance is planning similar steps starting July 1. The exchange allegedly intends to stop registering new customers from Europe and cut the functionality of the global site, leaving only the ability to manage assets and withdraw them. Customers may be encouraged to switch to non-cascading wallets or local crypto service providers.

The background situation is aggravated by the fact that Binance recently withdrew its application for a MiCA license in Greece, deciding to seek authorization in another country not yet listed as an EU member. All these measures are dictated by the strict requirements of European regulators: on 1 July, 27 EU countries will end the MiCA transition period, after which cryptoplatforms without appropriate authorization must stop serving residents completely, or face serious sanctions.