Bybit Secures License in Kazakhstan, Take Leads in XRP Futures

Bybit Expanding Its Roots in Global Crypto Market: What to Expect?

Cryptocurrency exchange Bybit has achieved a significant milestone by securing a major license in Kazakhstan, signaling its expansion in the Commonwealth of Independent States (CIS) region. On Friday, Bybit announced that it received a full license from the Astana Financial Service Authority (AFSA), allowing it to operate as a regulated market institution. 

This regulatory approval enables Bybit to offer a comprehensive range of services, including digital asset trading, custody, and crypto loans, marking a crucial step in its global expansion efforts. Bybit Kazakhstan, under this full authorization, will:

• Operate a digital asset trading facility

• Provide custody services

• Deal in investments as both an agent and principal

• Manage investments

Ben Zhou, co-founder and CEO of Bybit, emphasized Kazakhstan's growing importance in the crypto ecosystem. He stated, “Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market.” Bybit plans to launch its official website, bybit.kz, in mid-October 2024, providing services like spot and derivatives trading, margin trading, and crypto loans.

Bybit Tops Binance in XRP Futures Market

In addition to its expansion in Kazakhstan, Bybit has surpassed Binance in terms of open interest for XRP futures trading. According to Coinglass data, Bybit currently holds $195 million in open interest for its XRP/USDT futures trading pair, compared to Binance's $172 million. Open interest refers to the number of derivative contracts that traders currently hold on an exchange.

Despite this lead in open interest, Binance still maintains a higher trading volume for XRP futures. In the last 24 hours, Binance recorded a trading volume of $419 million for its XRP futures market, while Bybit saw $186 million. In the XRP spot market, Binance also leads with $131 million traded in the last 24 hours, compared to Bybit's $50 million.

Comprehensive Services and Future Plans

Bybit's recent full license from AFSA enables it to offer comprehensive crypto services in Kazakhstan, reinforcing its commitment to regulated, reliable services. Bybit plans global expansion with a focus on advanced technology, security, and transparency. The launch of Islamic crypto accounts further diversifies its offerings, positioning Bybit as a key player in the global crypto landscape.

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