ByBit, a bitcoin derivatives trading platform, has entered the spot market. BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT will all be supported by the new spot exchange services.
ByBit, a derivatives-only bitcoin trading platform, is expanding into the spot market. To begin, the new spot exchange services will handle trading pairs for BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT, with XRP being the greatest surprise. The expansion is the outcome of a series of regulatory steps taken against the cryptocurrency company. Regulators from all around the world have issued concerns about ByBit’s derivatives business.
FCA issued a national ban on cryptocurrency derivatives in the first month of 2021, stating that the crypto assets being bought and exchanged are financially hazardous, especially for retail customers. Following the ban, ByBit announced in March that it will be stopping business in the UK, and users are advised to delete their accounts and withdraw any assets they may have. Furthermore, the Ontario Securities Commission in Canada had previously accused ByBit of operating illegally in the region (OSC).
Regulatory problems confront cryptocurrency exchanges.
“If you are either a U.K. resident or citizen, please close all your positions and withdraw all account balances by 8 a.m. UTC [3 a.m. ET], March 31, 2021. After that, customers located in or are residents of the U.K. will be restricted from accessing or performing any trading activities on Bybit.”
The derivatives exchange found itself in another regulatory turmoil last month in Canada’s Ontario province, following its withdrawal from the United Kingdom due to FCA demands. ByBit was charged by the Ontario Securities Commission with operating unlawfully in the region as an unregulated crypto trade and exchange business. Binance has also stated that withdrawals from its U.K. customers would be suspended, as previously reported.