Are exchange commissions/rebate on trades VAT exempt in EU?

Any idea whether exchange rebates are VAT exempt in EU? Imagine a prop trading company, which trade on an exchange like bybit or binance and earn exchange rebates from certain trades (usually maker trades). Would such company have to report and pay VAT from those rebates? Or are rebates/commissions VAT exempt?

Buying or selling crypto itself is VAT exempt in EU.


I believe you are asking whether providing market making services on crypto exchanges and receiving fees or rebates for such services are subject to VAT in the EU. I am not a commodity tax expert but it seems to me that the supply of market making services in relation to crypto trading would be a financial service exempt from VAT on the same basis that fees or rebates received for securities or commodity exchange market making are VAT exempt financial services.

A larger concern for me would be whether the rebates received for maket making are exempt from income tax. Have you considered this?