What Ben Zhou Actually Said
In an interview with CoinDesk published April 26, 2026, Bybit CEO Ben Zhou was unusually candid about the economics of operating in post-MiCA Europe:
"We don't make money under the current MiCA license. But we're able to afford it because we're a big entity. For us, it's a long-term investment."
Zhou estimates Bybit could reach profitability in Europe within two years — but only after obtaining both MiFID II and an EMI license on top of MiCA CASP. The path to profitability requires all three licenses operating in parallel.
Why MiCA Alone Isn't Enough: The Three-License Stack
MiCA was designed to regulate crypto-asset services — but it doesn't cover everything a full-service exchange needs to offer. Here's the gap:
| License | What It Covers | Without It |
|---|---|---|
| MiCA CASP | Spot crypto trading, custody, exchange services | Cannot legally operate as crypto exchange in EU |
| MiFID II | Derivatives, futures, tokenized securities, margin trading | No EU crypto futures or derivatives products — major revenue loss |
| EMI License | Stablecoin payments, crypto-backed cards, fiat wallets | No OKX Pay-type services, no crypto debit cards |
The only exchange that currently holds both MiCA CASP and an EMI license from the same EU authority is OKX Europe Ltd (MFSA Malta — MiCA CASP December 2024 + Payment Institution February 2026). Bybit and others are still working through the application process.
Consolidation Is Coming: July 2026 Will Accelerate It
Zhou also warned that the end of the MiCA grandfathering period on June 30, 2026 will trigger a wave of consolidation across the European crypto industry:
- Small and mid-tier exchanges operating under grandfathering provisions that haven't filed for CASP authorization will be forced to exit the EU market
- Regional exchanges with thin margins cannot absorb €500k–€2M/year in MiCA compliance costs alone — let alone MiFID II and EMI on top
- Large exchanges like Bybit, Binance, Kraken and OKX will absorb the displaced user base
- Users who held funds on non-compliant platforms must migrate to MiCA-licensed alternatives before the deadline
⚠️ Platform Risk Check
Using an exchange that lacks MiCA CASP authorization? Check our full MiCA compliance tracker to see if your platform is licensed — or at risk of EU exit.
What This Means for EU Users Right Now
For European crypto holders, the Bybit CEO statement carries a practical message: the exchanges that survive and thrive in post-July 2026 Europe are those that can afford the full three-license stack. That's the filter for long-term platform stability.
Platforms with strong EU regulatory positioning:
- Bybit EU — MiCA CASP (FMA Austria) ✅ | Full Bybit review →
- OKX — MiCA CASP + Payment Institution ✅ (MFSA Malta) — most complete EU license stack
- Kraken — MiCA CASP (Central Bank Ireland + direct BaFin) ✅
- Bitvavo — MiCA CASP (AFM Netherlands) ✅ — EU-native, lowest fees
- Coinbase — MiCA CASP (CSSF Luxembourg) ✅
Platforms without MiCA CASP (high EU exit risk):
- BingX — FCIS Lithuania (national license only, no MiCA CASP) | BingX review →
- MEXC — No MiCA CASP application confirmed
- Bitunix — No EU regulatory footprint
The Bigger Picture: MiCA Was Just the Beginning
Zhou's statement underscores something regulators have been quietly telegraphing since MiCA passed: crypto regulation in Europe is not a one-time compliance event. It's a layered, evolving framework. Exchanges that positioned MiCA CASP as the finish line are in for a rude awakening when they discover that:
- MiFID II requires separate supervisory approval — a process that can take 12-18 months
- An EMI license requires demonstrating robust AML/CFT systems and capital buffers
- The combined annual compliance cost of all three licenses exceeds the operating margins of most mid-tier platforms
For users, this is actually good news long-term: a more regulated, consolidated European market means fewer counterparty risks and stronger consumer protections. The transition period through mid-2026 is the rough patch to navigate carefully.
Bottom line: Stick with exchanges that have demonstrated MiCA CASP compliance and have the balance sheet to pursue MiFID II and EMI. Check our full MiCA compliance guide for the current ESMA-verified list.
Source: CoinDesk — "MiCA's not enough: Bybit CEO says firms need MiFID, EMI licenses for European profit" (April 26, 2026)
FAQ
Why does Bybit say MiCA isn't enough?
MiCA CASP covers spot trading and custody only. To offer derivatives (futures, options), exchanges need MiFID II. To offer stablecoin payments and crypto cards, they need an EMI license. Without all three, revenue is severely capped relative to compliance costs.
Is Bybit still safe to use in Europe?
Yes. Bybit EU GmbH holds a full MiCA CASP license from FMA Austria, passportable to all 27 EU member states. Zhou confirmed Bybit views Europe as a long-term strategic market. Short-term unprofitability does not indicate withdrawal risk for a firm of Bybit's size.
Which European exchange has the most complete license stack in 2026?
OKX Europe Ltd (MFSA Malta) currently holds both MiCA CASP (December 2024) and a Payment Institution license (February 2026) — the only major global exchange with both from the same EU authority, enabling OKX Pay and OKX Card across the EEA.