Bybit, one of the world’s leading cryptocurrency exchanges, has unveiled an exciting expansion into the South African market with the official launch of its cryptocurrency derivatives products and the introduction of a new fiat on-ramp service. This move aims to cater to the growing demand for crypto trading in South Africa while ensuring full compliance with local regulations.
Bybit will operate in South Africa as the juristic representative of Money Doc (Proprietary) Limited, an authorized financial services provider (FSP no. 52081), registered under South African company number 2019/466808/07. This arrangement ensures that Bybit adheres to the necessary legal requirements, offering a secure and regulated trading environment for South African users.
Joshua Yau, Bybit’s Regional Manager for Africa, expressed his excitement about the expansion, saying, “This marks a significant milestone for Bybit as we bring access to global leading products to the passionate crypto community in South Africa in line with regulatory requirements. This marks an important step in our compliance efforts. We are committed to providing a secure and seamless trading experience, industry-leading trading tools, and low-cost access that empower our users.”
Bybit’s Commitment to Global Accessibility
One of the key features of this expansion is the introduction of a fiat on-ramp service for the South African Rand (ZAR). Users will be able to deposit Rands conveniently through bank transfers (EFT), including an instant transfer option. This service aims to provide users with a seamless and cost-effective means of buying and selling cryptocurrencies, making it easier for South African traders and investors to access Bybit’s renowned liquidity and trading tools.
Ben Zhou, Co-founder and CEO of Bybit, shared his perspective on this strategic move: “Our expansion into South Africa reaffirms Bybit’s mission to make cryptocurrency trading accessible to all and to be compliant with local regulations. We believe in the power of blockchain technology to revolutionize finance, and this expansion represents another step towards achieving that vision.”
Bybit, established in 2018, has quickly risen to become one of the top five cryptocurrency exchanges globally. It offers a professional platform that boasts an ultra-fast matching engine, round-the-clock customer service, and multilingual community support. Bybit is also known for its high-profile partnerships, including its role as a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
The expansion into South Africa underscores Bybit’s commitment to global accessibility and its dedication to empowering crypto enthusiasts worldwide with next-generation tools, support, and opportunities. With this move, Bybit aims to provide South African traders and investors with a secure and compliant avenue for exploring the exciting world of cryptocurrency trading. As the crypto market continues to evolve, Bybit’s presence in South Africa is poised to contribute to the growth of the local crypto ecosystem and provide users with a trusted platform for their digital asset trading needs.
Source: https://blockchainreporter.net/bybit-launches-crypto-derivatives-and-fiat-on-ramp-services-in-south-africa/