ByBit Finally Launches Spot Trading with Four Trading Pairs Including BTC, ETH, XRP, & EOS
Crypto derivatives exchange ByBit has announced the expansion of its product offerings with a spot trading feature.
ByBit Spot Trading Platform Opens With Four Pairs
The Singapore-based exchange disclosed that spot trading in Bitcoin (BTC), Ether (ETH), XRP, and EOS is now available to users against the Tether (USDT) stablecoin. The exchange said more trading pairs would follow.
ByBit said the new spot trading feature would come with zero maker fees. ByBit CEO Ben Zhou said the new product is a lifelong feature and not just a limited offer. The exchange described spot trading as a complementary vector to its derivatives offering for hedging traders.
Similar to ByBit's derivatives offering, the spot trading option will not be available to residents of selected countries. This includes the US, mainland China, Singapore, Quebec (Canada), Iran, Syria, and North Korea.
ByBit's new launch comes after the exchange revamped its know-your-customer (KYC) rules to protect users' funds and improve security compliance for traders.
The individual KYC requirements implemented on July 12 mandated users to submit documents containing basic information like proof of origin (passport/ID), full name, and date of birth.
ByBit also plans to introduce options trading and upgrade its cold wallet before the end of the year.
Founded in 2018, ByBit is one of the world's largest derivatives exchanges in trade volume. In the past week, the exchange has tallied up to $33 billion in trading volume.
The crypto exchange claims to have about 2.5 million global trading clients in more than 200 countries worldwide.
Before launching the spot trading feature, ByBit was focused on enabling users to trade contracts on crypto-assets instead of trading in the assets directly.
ByBit's Trouble With Regulators
ByBit is one of the exchanges that has had trouble with the regulators in the last few months. In May, Japanese financial regulator, the Financial Services Agency (FSA), issued a warning to ByBit for operating without registration. The FSA had claimed that ByBit allowed residents of Japan access to the exchange without getting permission from authorities.
The firm had to cut off its service to customers in the United Kingdom following the Financial Conduct Authority's ban on crypto derivatives.
Just last month, ByBit was accused in Canada by the Ontario Securities Commission of operating an unregistered crypto asset trading platform. The OSC said ByBit was running a platform that encouraged residents to trade crypto assets that are securities and derivatives on its platform.
The OSC and ByBit recently agreed on the schedule for ByBit's upcoming enforcement proceeding. According to the regulator, the first hearing is slated for July 15 and will be held via correspondence between the two parties.