Bybit CEO Ben Zhou said Europe’s MiCA framework alone is insufficient for crypto firms to achieve profitability.
He said companies also need MiFID II and Electronic Money Institution licences to offer key products such as derivatives and tokenised assets.
“With the current MiCA framework, you can only do fiat-to-crypto, crypto-to-crypto,”
Said Bybit CEO Ben Zhou.
Zhou added that Bybit is still at least two years away from breaking even in Europe, describing the region as a long-term investment despite high compliance costs.
The comments come as the MiCA grandfathering period nears its end, with firms required to secure licences by July 1 or risk exiting the market.
Zhou warned this deadline will likely trigger consolidation across the European crypto sector, particularly among smaller firms unable to absorb regulatory and infrastructure costs.
He added that while stricter oversight from bodies like European Securities and Markets Authority could create a more level playing field, it may also increase bureaucracy and reduce operational efficiency.