Bybit Expands Crypto Trading in South Africa with New Derivatives Products and Fiat On-Ramp Service

October 02, 2023 at 10:22 AM EDT

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Bybit, the world's third most visited crypto exchange, has announced the official launch of its cryptocurrency derivatives products in South Africa, along with the introduction of a new fiat on-ramp service. Bybit will market this offering in South Africa as the juristic representative of Money Doc (Proprietary) Limited, an authorised financial services provider (FSP no. 52081), registered under South African company number 2019/466808/07.

In addition to the compliant marketing of its offshore derivatives trading products, Bybit is introducing a new fiat on-ramp service for the South African Rand (ZAR). This feature enables users to conveniently deposit Rands via bank transfer (EFT), including the instant transfer option, providing them with effortless and low-cost access to buying and selling cryptocurrencies. This enhancement will greatly allow South African cryptocurrency traders and users to take advantage of Bybit’s market-leading liquidity and trading tools in a compliant manner.

Joshua Yau, Bybit's Regional Manager for Africa, expressed enthusiasm about the expansion, stating, "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."

Ben Zhou, Co-founder and CEO of Bybit, shared his thoughts 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's expansion in South Africa reflects the company's commitment to global accessibility and its dedication to unleashing the full potential of crypto believers, seeking to level-up via Web3 with the next generation tools, support, and opportunities.

“Bybit Fintech FZE markets derivative products in South Africa on behalf of Money Doc (Proprietary) Limited, an authorised financial services provider (FSP no. 52081). Bybit Fintech FZE is a Juristic Representative of Money Doc (Proprietary) Limited.”

Bybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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