Bybit Pursues MiFID License for EU Derivatives, Phases Out MT5 for In-House TraFi

Bybit CEO and co-founder Ben Zhou recently delivered a live-streamed keynote on social media platform X. Zhou confirmed that Bybit is applying for a MiFID II license in the European Union.

This would allow the crypto exchange to offer regulated derivatives products, including futures and options, to European clients. The MiFID license would expand Bybit’s services beyond its current MiCA registration, which currently covers only spot crypto trading.

“We are working on our MiFID license, meaning hopefully within six months we’ll present derivative trading products in the EU, all compliant,” Zhou said.

CFDs Now Integrated In-App Platform

During the keynote, Bybit announced it would no longer support MetaTrader 5, directing users to its own TraFi 5 platform. A company representative said: "Our TraFi 5 is now live on your Bybit app—no more MT5. We’re the first major exchange to launch TraFi access directly in-app. All commodities, CFDs, and stocks are live via CFDs."

The change brings multi-asset trading crypto, stocks, and forex, under one roof, with lower fees and closer integration. It also reflects Bybit’s aim to move away from third-party trading platforms.

NEWS: @Bybit_Official secures #MiCAR license and sets up its European HQ in Vienna. Now fully regulated to operate across all 29 EEA countries under EU #crypto laws. pic.twitter.com/nwrLYglab4

Regulatory Push in Europe, UAE, and India

Bybit has already launched Bybit.EU, a platform designed to comply with MiCA rules. The company plans to introduce localized payment solutions and expand its derivatives services across the region. Zhou also noted that the exchange is pursuing additional licenses in the UAE and India.

User Growth and Security Incident

Zhou stated that Bybit now has 74 million users. He claimed the exchange is the second-largest globally by user base. He also addressed a major security incident earlier this year, calling it “the largest hack in human history.” The breach involved the theft of $1.5 billion in Ethereum.

Zhou said the attack did not impact Bybit’s own infrastructure but prompted a full third-party security review. The company has since upgraded its wallet systems and partnered with blockchain analytics firms to trace the stolen assets.

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Product Developments and Upgrades

The keynote included several product updates. Bybit executives have taken advisory roles in Mantle, an Ethereum Layer 2 project incubated by the exchange. The platform has launched an updated AI trading assistant that incorporates social sentiment into trading signals.

Users can now access tokenized stocks, including Apple and Tesla. The Bybit Card has expanded to Latin America and Southeast Asia and now offers cashback rewards. A new wealth management feature has also been introduced for users with over $1 million in assets.

Planned Features for Retail and Institutional Clients

Upcoming product launches include a Web3 wallet for direct on-chain trading and a request-for-quote system for institutional users. The company is also introducing a simplified interface for yield products, divided into three categories: Easy, On-Chain, and Advanced.