Cryptocurrency exchange Bybit has announced the official launch of derivatives in South Africa, as well as the introduction of a new fiat currency service.
The exchange will offer these products in South Africa as the legal representative of Money Doc (Proprietary) Limited, an authorized financial services provider (FSP No. 52081) registered under South African company no. 2019/466808/07.
Bybit has also launched a new fiat currency acceptance service for the South African Rand (ZAR) via the fiat on-ramp service, which allows users to deposit rands via electronic funds transfer (EFT), including an instant transfer feature. This update will allow clients of the exchange in South Africa to quickly buy and sell cryptocurrencies, according to Bybit's website.
"This marks a significant milestone for Bybit as we bring access to globally leading products to the passionate crypto community in South Africa in line with regulatory requirements. This marks an important step in our compliance efforts," said Joshua Yau, Bybit's Regional Manager for Africa.
"We are committed to providing a secure and seamless trading experience, industry-leading trading tools, and low-cost access that empower our users," he added.
"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," commented Ben Zhou, Co-Founder and CEO of Bybit, on the launch in South Africa.
Bybit's expansion into South Africa reaffirms the exchange's commitment to globalizing its services and ensuring that everyone, regardless of geographical boundaries, can access, use, and benefit from the innovations offered by the crypto world.
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