Leading crypto exchange Bybit granted EU license after $1,5 billion hack in February

The authorization to operate in the EU has been issued by the regulator of Austria

Dubai-based crypto exchange Bybit has been granted a license to operate in the EU

29.05.2025 - 15:00

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What’s new? Dubai-based centralized crypto exchange (CEX) Bybit has received a license to operate in the EU under the Markets in Crypto-Assets (MiCA) regulation from the Austrian Financial Market Authority (FMA). MiCA is fully effective in early 2025, and Bybit has chosen Austria as its EU base to provide services in the bloc’s 27 member states.

Material by CoinDesk

What else is known? Under MiCA, obtaining a license in one EU country gives a crypto service provider the right to operate throughout the bloc. Founded in 2018 by entrepreneur Ben Zhou, Bybit is the second-largest crypto exchange by trading volume and is based in Dubai after moving its headquarters from Singapore in 2022.

On February 21, 2025, the exchange was hacked for nearly $1,5 billion, the largest theft in the history of the crypto industry. The attack was carried out by hackers from the North Korean group Lazarus, who, according to the US government, channeled the proceeds to fund a weapons program.

The hackers laundered funds through multiple platforms, including DEX aggregator OKX, which was forced to temporarily halt operations after receiving illicit funds.

Also due to the connection to Bybit’s assets, the eXch exchange, whose servers and assets were subsequently seized by German law enforcers, ceased operations.

Earlier this month, custodian BitGo received a MiCA license from the German regulator, and Tether-funded companies launched MiCA-compliant stablecoins.

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