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No, you're stuck with the default limit. You're sharing resources with other customers of O365 so anything affecting resources and stability like this is locked down.<br />
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We can only hope the limit is ultimately raised or abolished because it sucks.
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How to increase list threshold more than 5000 in office 365.Is theer a way like we do it in on premises version of sharepoint
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How to increase list threshold more than 5000 in office 365.Is theer a way like we do it in on premises version of sharepoint

How to increase list threshold more than 5000 in office 365.

Microsoft Sharepoint is a software platform and family of software products used for collaboration and web publishing combined. These capabilities include developing web sites, portals, intranets, content management systems, search engines, wikis, blogs, and other tools for business intelligence and collaboration. SharePoint has a Microsoft Office-like interface, and it is closely integrated with the Office suite.