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Crypto News

Bybit Introduces Crypto Derivatives and Fiat On-Ramp in South Africa

Author

Jay Solano

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Tags Editor's Choice / Slider Posts

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1 min
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

1 min
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

1 min
Last update

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Bybit, a cryptocurrency exchange based in the United Arab Emirates, has unveiled its crypto derivatives offerings in South Africa, enabled through its juristic representative, Money Doc. As of October 2, South African users have access to a convenient fiat on-ramp, allowing deposits in local currency through bank transfers.

Money Doc, an authorized financial service provider, facilitates Bybit’s compliance with regulatory requirements in the region. The introduction of this service aligns with the stipulations that necessitate crypto asset service providers to secure a license from financial regulators.

The new on-ramp service underscores Bybit’s commitment to expanding its global footprint while adhering to regulatory frameworks. South African users can anticipate a seamless trading experience bolstered by industry-leading trading tools and low-cost access, enhancing their engagement with the cryptocurrency market.

Joshua Yau, Bybit’s Regional Manager for Africa, highlighted the significance of this development, marking it as a pivotal milestone that aligns with regulatory protocols while empowering the vibrant South African crypto community. Bybit’s CEO, Ben Zhou, echoed these sentiments, underscoring the exchange’s dedication to democratizing crypto trading globally.