Crypto exchange and trading platform Bybit is in the process of applying for MiFID II approvals, which would give it the regulatory license needed to offer derivatives trading in the European Union.
The crypto broker’s founder Ben Zhou made the announcement in a live stream on X, where he gave several key updates on the company’s activities.
“We are working on our MiFID license,” said Zhou. “Meaning that hopefully within six months we’ll be able to present you with our MiFID and EU derivatives product that will be all compliant under the license.”
Bybit announced in June that it had received approvals to operate across the EU using a MiCAR license, which it received approval for in Austria. Zhou did not say where the company is applying for a MiFID license.
Moving all in one app and adding stocks, cutting CFD fees by half
The other interesting feature that Bybit highlighted was a move off of MetaTrader 5 for CFD trading.
The company has historically offered its core crypto trading products in one application and then offered customers access to MT5 to trade CFDs. The platform is still available but now the firm says customers will be able to access all products via its main app and – in the near future – desktop.
“Our TradFi offering is now live in your Bybit app, no more MT5,” said Shunyet Jan, Head of Derivatives Business and Institutional Sales. “We’re the the first major crypto exchange to launch tradfi access on your Bybit app. All the gold, commodities, indices, FX, and stocks are all live via CFDs.”
Jan also noted that fees for CFD trading will be cut in half. Zhou followed up to these comments noting that the firm is also in the process of getting regulatory approvals to offer clients a cash equities product.
Payments
The other interesting product launch that the company touched on was payments. Bybit has offered payment products already for a while.
But in the presentation the firm said it will expand this to more geographies this year.
The company said it plans to go live in Mexico and Peru in this quarter, then will add further products in what it called ‘Greater Asia’.
Crypto is coming for CFD brokers
Bybit’s moves mirror a lot of what we’ve seen in the crypto space over the last 12 months.
Companies like Crypto.com and Kraken have made big pushes to expand globally and go beyond offering purely crypto products.
These companies are doing very similar things to what we see in the normal retail broker space, where firms like XTB and Trading 212 are moving into become ‘all in one’ financial apps that let you trade or invest in any asset class, as well as offering payment and bank-like features.
