Crypto exchanges keep walking onto brokers' turf. CoinDesk reported on September 10 that Bybit will offer a European super-app including stocks and derivatives, building on electronic-money institution footing. A crypto brand selling equities inverts a decade of one-way traffic where brokers added crypto CFDs. For retail FX, the message is stark: the next competitor for a stock trader may be an exchange, not a brokerage. Converging platforms can partner with SpinDepth on cross-asset programs.
What the super-app includes
Stocks and derivatives beside crypto inside one European app, per CoinDesk's September 10 report, with EMI infrastructure underneath. Crypto-native UX meets regulated-asset shelves. If execution and pricing match broker standards, acquisition costs in equities could reset lower across the region.
Why brokers should take it personally
Every multi-asset broker spent years adding crypto to stop client leakage; now leakage reverses direction. Crypto press tracks the build-out daily, and traditional coverage will follow the licence trail. The platform-first brokers face the most direct comparison, app against app.
- European super-app with stocks, derivatives
- EMI footing underneath the build
- Crypto UX meets regulated shelves
- Reported September 10 by CoinDesk
Key takeaways
Direction of travel reversed: exchanges now invade broker turf. Europe is the beachhead because licences there unlock trust. Pricing and execution quality will decide whether this is a headline or a migration.
Brokers added crypto to stop leakage. Now the leakage runs the other way.
Three licences, three different jobs
Selling crypto, stocks and derivatives from one app in Europe takes more than one permission, because EU law splits these activities between separate regimes. An electronic money institution licence allows a firm to issue e-money and run payment accounts and cards, but it does not allow it to offer investments. Crypto services fall under MiCA, the EU's Markets in Crypto-Assets regulation, which started applying to crypto service providers at the end of 2024. Stocks and derivatives such as CFDs, futures and options are financial instruments under MiFID, and offering them needs an investment firm licence.
That is why reports about an exchange adding stocks always come back to licensing. Bybit's European arm obtained MiCA authorisation through Austria, which covers crypto services across the EU. Adding shares and derivatives inside the same app means either holding a MiFID licence or partnering with a firm that has one. Which route is chosen decides who holds the client's securities and which protections apply.
What changes for the client
Each regime comes with different safeguards. Money in an e-money account must be safeguarded, kept separate from the firm's own funds, but it is not covered by bank deposit guarantees. Crypto assets held by a MiCA provider must be kept apart from the provider's own assets, with rules on custody and complaints, but there is no compensation fund for crypto. Securities held by a MiFID investment firm are covered by national investor compensation schemes, which under EU rules protect at least 20,000 euros per client if the firm fails and cannot return assets.
In a super-app, all three can sit behind the same login. A client should know which part of the balance falls under which rules, especially when moving money between crypto, cash and securities with one tap.
The convergence is already under way
Bybit is not alone. Several crypto platforms began offering European users tokenised versions of US shares in 2025, where a token tracks the price of an underlying stock held by a third party. Robinhood launched stock tokens for EU customers, and Kraken introduced tokenised equities of its own. At the same time, app-based brokers and neobanks such as Revolut and Trading 212 have offered crypto and shares side by side for years.
Tokenised shares and real shares are not the same thing. A real share registered in the client's name, or held for them by a regulated custodian, carries ownership rights such as dividends and in some cases voting. A token may pass on price movement and sometimes dividends, but the rights depend on the issuer's terms. Clients choosing between them should read what exactly they own.
Why brokers are paying attention
Traditional brokers built their business by adding asset classes one at a time: forex first, then indices and commodities, then crypto CFDs. Exchanges arrive with large existing user bases, strong mobile apps and users who are already comfortable with fast, always-on trading. If an exchange can offer shares with competitive prices and clear protections, it can win clients who would otherwise have opened a broker account.
Brokers still hold advantages: long experience with securities regulation, established custody and clearing arrangements, and research and education aimed at investors rather than traders. The competition is likely to push both sides towards the same product: one app, many assets, clear costs.
Questions to ask before using a super-app for stocks
- Which legal entity holds my shares, and under which licence?
- Are these real shares held in custody, or tokens or CFDs that track the price?
- Which investor compensation scheme covers the securities, if any?
- What are the costs: commission, foreign exchange fees on US shares, custody fees and spreads?
- Can I transfer the shares to another broker, or only sell them inside the app?
- What happens to my holdings if the app stops offering the product in my country?
Costs that hide inside convenience
One-tap trading makes costs easy to miss. Currency conversion on US shares bought from a euro balance can cost more than the commission. Spreads on tokenised or CFD-based products can be wider than on a stock exchange. Some apps charge nothing per trade but earn from conversion, spreads or interest on idle cash. Comparing the total cost of a typical purchase, from euro balance to US share and back, shows the real price of convenience.
Risk controls inside an exchange app
Exchange apps often place leveraged derivatives one swipe away from spot purchases. For investors buying shares for the long term, it is worth turning off or avoiding leveraged products entirely, setting up two-factor authentication and withdrawal whitelists, and keeping long-term holdings in the most protected part of the account. For traders, the usual rules apply: know the margin and liquidation terms before opening a position.
What would make the super-app work
The test for any super-app is not the number of features but whether each one meets the standard of a specialist provider. Prices, execution, custody and customer protection for shares need to match what a regulated broker offers. If they do, the convenience of one app may win many users. If they do not, experienced investors will keep their shares with brokers and their crypto on exchanges.
The bigger picture
Asset-class walls are falling: one app, every instrument, whoever earns the licence first. Brokers and exchanges converge on the same super-app endgame from opposite sides. Always-on markets in our 24-hour stocks piece complete the convergence.
What to watch next
Watch licence approvals that gate the launch. Watch pricing reveals against broker benchmarks. And watch user migration data, the only verdict that counts.
What is Bybit planning in Europe?
A super-app offering stocks and derivatives alongside crypto, built on electronic-money institution footing, as reported by CoinDesk on September 10, 2026.
Why does it threaten brokers?
It reverses years of one-way convergence: instead of brokers adding crypto, an exchange now sells equities, competing for the same stock trader directly.
What decides success?
Licence approvals, execution and pricing versus broker standards, and whether users actually migrate activity into the app.
Does an electronic money licence allow a firm to sell stocks?
No. An e-money licence covers payment accounts and e-money. Offering stocks and derivatives needs an investment firm licence under MiFID, or a partnership with a firm that holds one.
Are tokenised stocks the same as real shares?
No. A token tracks a share's price under the issuer's terms; ownership rights such as voting usually stay with the custodian. Read what the token gives you before buying.
Is crypto in a super-app covered by a compensation scheme?
No. MiCA requires crypto to be kept separate from the firm's assets, but there is no compensation fund for crypto holdings. Securities held by a MiFID firm may be covered by an investor compensation scheme.
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