Bybit, ranked as the world’s third most frequented cryptocurrency exchange, has officially unveiled its cryptocurrency derivatives products in South Africa, accompanied by the introduction of a convenient fiat on-ramp service. Bybit will be presenting these services in South Africa as the authorized representative of Money Doc (Proprietary) Limited, a licensed financial services provider.
Alongside the compliant marketing of its offshore derivatives trading products, Bybit is rolling out a new fiat on-ramp service tailored for the South African Rand (ZAR). This feature facilitates users to easily deposit Rands via bank transfer (EFT), including the option for instant transfers. This seamless process offers users effortless and cost-effective access to buying and selling cryptocurrencies. This development is poised to significantly empower South African cryptocurrency traders, allowing them to tap into Bybit’s exceptional liquidity and trading tools while adhering to regulatory guidelines.
Expressing his excitement about this expansion, Joshua Yau, Bybit’s Regional Manager for Africa, stated, “This achievement stands as a major milestone for Bybit as we bring globally renowned products to the passionate crypto community in South Africa, ensuring full compliance with regulatory standards. It is a pivotal step in our commitment to compliance. We are dedicated to providing a secure, user-friendly trading experience, featuring cutting-edge tools and economical access options that empower our users.”
Ben Zhou, Co-founder and CEO of Bybit shared his perspective on this strategic endeavor: “Our venture into South Africa underscores Bybit’s mission to democratize cryptocurrency trading while adhering to local regulations. We firmly believe in the transformative potential of blockchain technology in reshaping finance, and this expansion represents another stride towards realizing that vision.”
Bybit’s expansion in South Africa mirrors the company’s global inclusivity and its unwavering dedication to unlocking the full potential of cryptocurrency enthusiasts, offering them the tools, support, and opportunities to thrive in the realm of Web3 and beyond.