Bybit Expands Services to South Africa, Offering Crypto Derivatives and Fiat On-Ramp

Bybit, a well-known cryptocurrency exchange with headquarters in the UAE, has made substantial progress in extending its services to South Africa. In addition to additional fiat on-ramp services and cryptocurrency derivatives products, the exchange now allows customers to deposit South African rand (ZAR) through bank transfers.

Bybit’s Strategic Move into South Africa

On October 2, Bybit formally announced its debut into the South African market, which was a significant step for both the exchange and the regional cryptocurrency scene. Through their collaboration with Money Doc (Proprietary) Limited, Bybit’s “jurisdictional representative” in the area, the exchange is able to provide these services.

Money Doc is not just any representative; it is also a duly recognized South African corporation and a licensed provider of financial services. This difference is essential because it complies with legal requirements for companies offering services related to digital assets in South Africa. As reported by Bitcoin.com News about a year ago, such providers are required to possess a financial product service provider license from regulatory authorities.

The fiat on-ramp service, which enables users to deposit the local currency, the South African rand (ZAR), via easy bank transfers, is one of the fundamental aspects of Bybit’s entry into South Africa. Bybit’s position in the area is strengthened and users in South Africa now have better access to cryptocurrency trading.

Joshua Yau, the regional manager for Africa at Bybit, emphasized the significance of this expansion into the South African market, 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, the founder and CEO of Bybit, reiterated this stance and described the expansion into South Africa as evidence of the exchange’s commitment to opening up cryptocurrency trading to a wider market. The expansion of Bybit into South Africa not only complies with legal requirements but also demonstrates the exchange’s dedication to provide a safe and convenient trading environment.

Bybit is prepared to contribute to the expansion of the local crypto ecosystem and open up new options for South African crypto fans as it continues to make progress in the cryptocurrency sector.