BingX EU has obtained a licence from Austria’s Financial Market Authority (FMA) under the Markets in Crypto-Assets Regulation (MiCA), also referred to as MiCAR.

The licence was issued to MEGE zweite GmbH, the entity that operates BingX EU.

With this approval, the company will be able to offer regulated crypto services in 29 countries across the European Economic Area (EEA), subject to ongoing passporting arrangements.

Under these arrangements, a firm authorised in one member state may extend its services to other EEA countries without obtaining separate national licences.

According to the company, the licence places its digital asset services for EEA users under a single regulatory framework.

BingX EU said this framework is based on transparency, security and investor protection.

The company also noted that clearer regulation may strengthen user confidence and encourage participation from institutional investors. Its European entity will serve both retail and institutional users.

“Operating under MiCAR will allow us to deliver our services under a clear regulatory framework that gives users confidence while supporting the long-term development of Europe’s digital ecosystem,”

said Daniel Lai, Chief Executive Officer of BingX EU.

Ahead of the launch of its regulated services across the EEA, BingX EU plans to continue working with the FMA and other European regulators.

Featured image: Edited by Fintech News Switzerland, based on image by ignatenko7071105 via Magnific.