Bybit Expands to South Africa with Cryptocurrency Derivatives

Bybit, a cryptocurrency exchange based in the United Arab Emirates (UAE), announced on October 2 that it has formally launched its cryptocurrency derivative products and a new fiat on-ramp service in South Africa.

The cryptocurrency exchange announced that these services will be provided by its subsidiary, Money Doc (Pty) Limited, which functions as Bybit’s “legal representative.”

The cryptocurrency exchange disclosed in a press release that Money Doc is a legal South African company and an authorized provider of financial services.

According to an article published over a year ago, crypto asset service providers in South Africa must obtain a license from regulators to operate as financial product service providers.

In the interim, Bybit has announced that its on-ramp service will enable consumers to deposit rand (ZAR) via bank transfer.

The regional manager for Africa, Joshua Yau, was requested to comment on the South African debut of the cryptocurrency exchange. This is what he said:

“This is a significant milestone for Bybit, as we now provide access to world-class products to the passionate crypto community in South Africa, following the requirements of the regulatory authorities. This represents a significant step forward in our compliance endeavors. We are committed to providing users with a safe and hassle-free trading experience, instruments at the forefront of their respective industries, and affordable access.”

Ben Zhou, the founder and CEO of Bybit, lauded the crypto exchange’s expansion into South Africa as the most recent indication of the company’s commitment to making cryptocurrency trading accessible to everyone.