Bybit's European payments subsidiary has secured an electronic money institution licence in Austria. Cointelegraph reported on Aug. 5 (local time) that the approval gives Bybit a regulatory basis to add payments and e-money services to its European platform.
Bybit said Austria's Financial Market Authority granted the licence to Bybit Payments GmbH. It said this provides a legal basis to offer person-to-person transfers, merchant payment solutions, open banking functions and card products.
The services will be provided through BybitEU (Bybit.eu). BybitEU also includes a separate Austria-incorporated entity, Bybit EU GmbH. BybitEU provides services to users in the European Economic Area excluding Malta.
Bybit said the approval could help strengthen its relationships with banks, payment providers and companies, and reduce its reliance on third-party payments infrastructure.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr