Bybit announced on Oct. 2 that it will be offering its crypto derivatives products in South Africa through Money Doc which acts as the crypto exchange’s “juristic representative.” The crypto exchange said its on-ramp service enables South African users to make deposits in local currency via bank transfers.
Bybit’s ‘Juristic Representative’
Bybit, the United Arab Emirates (UAE)-based cryptocurrency exchange, announced on Oct. 2 that it had officially launched its crypto derivative products and a new fiat on-ramp service in South Africa. The crypto exchange said it will offer these services via its Money Doc (Proprietary) Limited, which acts as Bybit’s “juristic representative.”
In a statement, the crypto exchange revealed that Money Doc is an authorized financial services provider and a registered South African company. As reported by Bitcoin.com News almost a year ago, crypto asset service providers operating in South Africa must have a financial product service provider license from regulators.
Bybit meanwhile said its on-ramp service will enable users to deposit the rand currency (ZAR) via bank transfers. Commenting on the crypto exchange’s entry into the South African market, Joshua Yau, the regional manager for Africa, said:
“This marks a significant milestone for Bybit as we bring access to global leading products to the passionate crypto community in South Africa in line with regulatory requirements. This marks an important step in our compliance efforts. We are committed to providing a secure and seamless trading experience, industry-leading trading tools, and low-cost access that empower our users.”
Ben Zhou, the founder and CEO of Bybit, characterized the incursion into South Africa as the latest testimony of the crypto exchange’s commitment to its goal of making crypto trading accessible to all.
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