Crypto exchange Bybit establishes European headquarters in Vienna

The Chinese crypto exchange Bybit hat Wien as a location for their European headquarters chosen. In September, the company with 50 million customers worldwide founded several companies in the federal capital. The company is currently looking for a downtown office. The company headquarters is still stated in the IZD Tower on Wagramer Straße. Why Bybit was looking for a European location in the first place: From next year, cryptocurrency companies will have one MiCAR license in one EU country in order to be able to take action throughout the entire Union, report the Standard and the Krone.

Vienna is positioning itself in the crypto scene

This regulation is particularly interesting for American and Asian companies – the interest in an EU location is correspondingly high. And Vienna wants itself within the international crypto scene position. Applications have been possible since October 1st. According to the Austrian Financial Market Authority (FMA), there has so far only been one application in this country, although more are expected.

With Bybit the trading volume has increased World’s second largest crypto exchange decided on Vienna. It is expected to receive its license for the EU over the course of next year. This means that the competition for the top dog Bitpanda is likely to become stronger. Bybit already has numerous customers on the unregulated market in Europe. With a license, however, Bybit can push sales.

Financial market supervision enjoys a high reputation

Austria has a good chance of positioning itself as an ideal location for European headquarters for cryptocurrency companies, even if US companies such as Coinbase and Kraken have chosen Ireland. Austria’s advantage lies not least at the FMAwhich, in contrast to the corresponding authorities in other countries such as the Baltics or Malta, has one has a good reputation and on the other hand, proceed with a sense of proportion.

With Bitpanda you already have one well-known Austrian crypto company. The Chinese owner and CEO Ben Zhou is behind Bybit. However, the company’s headquarters are in Dubai. While the second largest crypto exchange in the world after Binance is aimed primarily at professional traders, the Austrian counterpart sees itself as an entry-level platform.