Bybit, one of the world’s largest cryptocurrency exchanges by trading volume, is preparing to launch a comprehensive "super app" in Europe, integrating regulated banking services, equities, and derivatives alongside its existing spot crypto trading. The move follows the acquisition of an electronic money institution (EMI) license from the Austrian Financial Market Authority (FMA) and the imminent receipt of a Markets in Financial Instruments Directive (MiFID) license, according to CEO Ben Zhou.

Market Context

The expansion places Bybit in direct competition with established fintech platforms like Revolut, which holds a full banking license in the EU and U.K. and serves over 80 million customers. Zhou explicitly compared Bybit’s new strategy to becoming "kind of like Revolut," leveraging its existing MiCA license to access the entire European Union while adding the financial products necessary to retain users who might otherwise stick with traditional banking apps.

Analysis

Zhou indicated that a MiCA license alone is insufficient for profitability in Europe due to high compliance costs and the competitive landscape. "The cost of getting a MiCA license is not so cheap. To be frank, we've been running the MiCA license for about a year now. It is not profitable," Zhou stated.

The EMI license enables Bybit to offer IBANs, salary deposits, bill payments, and local transfers, effectively turning the crypto platform into a primary banking interface for users. The upcoming MiFID license, expected within two months, will allow the exchange to offer regulated derivatives and direct access to equities such as Apple and Tesla, potentially through partnerships with brokers like Alpaca or Saxo Bank.

Despite these new capabilities, Bybit will continue its partnership with Kraken’s xStocks for tokenized equities, with Zhou noting, "Bybit Global is still the largest partner of xStocks."

Key Numbers

- Bybit serves over 80 million users globally.

- The MiFID license is expected to be acquired in approximately two months.

- Bybit was founded in 2018 and is based in Dubai.

- Revolut, a primary competitor, was valued at approximately $115 billion in July.

- The EMI license is granted by the Austrian Financial Market Authority (FMA).

What to Watch

Traders and users should monitor the finalization of the MiFID license, which is the critical gateway to offering regulated derivatives and direct equity trading. The success of this "super app" strategy will depend on Bybit’s ability to convert its massive crypto user base into daily banking users while navigating the complex regulatory environment of the EU. Additionally, the continued integration of tokenized stocks via Kraken’s xStocks partnership remains a key component of the product offering.