Bybit unveils spot trading pairs with TRY in Turkish expansion push

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As a researcher with a background in financial markets and a keen interest in the ever-evolving world of cryptocurrencies, I find the recent move by Bybit to launch Turkish Lira trading pairs quite intriguing. Having closely followed the regulatory developments in Turkey, it’s clear that the country is becoming a hotspot for crypto exchanges, much like a bustling bazaar where traders flock to strike deals.

Bybit introduces TRY-based spot trading pairs, enabling Turkish users to trade cryptocurrencies directly without the necessity of any conversion processes.

Bybit is amplifying its growth in Turkey by introducing Turkish Lira trading pairs on their spot market, enabling users to directly trade cryptocurrencies without the need for any conversion processes, as stated in a press release on September 2.

Kutluhan Akçın, country manager of Bybit Turkey, underscored the importance of the launch, stating that the exchange’s recent action demonstrates their commitment to addressing local requirements and offering a user-friendly platform for Turkish individuals to engage in the cryptocurrency market. Effective immediately, users on Bybit can now trade Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) directly against Turkish Lira (TRY).

Bybit joins rush of exchanges heading to Turkey

New advancements are being seen as more and more international cryptocurrency platforms aim to set up operations in Turkey, given that the Turkish regulatory framework for the crypto sector has been finalized. As per the Capital Markets Board of Turkey, around 50 crypto exchange platforms, such as Binance, Bitfinex, and OKX, have submitted applications to operate in the country. However, these applications do not automatically mean they have been authorized yet.

In Turkey, there’s been a significant move in regulation, as a new crypto bill has been approved. This bill brings tough penalties such as fines reaching $182,600 and imprisonment for up to five years for those who fail to comply. To run legally, crypto exchanges now require a license from the Capital Markets Board.

The move in Turkey is similarly driven by Bybit’s choice to withdraw from the market in France due to regulatory issues. Earlier in August, they announced that French users would only be able to close their positions and not open new ones, with this restriction lasting until the withdrawal deadline, which was set for mid-August.

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2024-09-02 14:38