Bybit has revealed that Turkish Lira (TRY) trading pairs will be added to its spot market. This will let Turkish users trade cryptocurrencies directly without having to convert them first. A press statement on September 2 told people about this strategic growth.
Bybit Türkiye’s country manager, Kutluhan Akçın, talked about how important this launch was, saying that it shows the exchange’s dedication to meeting local needs and making the platform easy to use for Turkish crypto market players. It is now possible for Bybit users to trade Bitcoin, Ethereum, and Tether directly against TRY.
Bybit Expands Amidst Turkey’s Regulations
This change comes at a time when cryptocurrency companies around the world are focusing more and more on setting up shop in Turkey, especially now that the country has finished regulating the crypto sector.
The Capital Markets Board of Turkey says that more than 50 crypto exchanges have asked to be registered. Major players like Binance, Bitfinex, and OKX are among them, but this does not yet give them permission to do business.
Turkey’s crypto regulations have become much stricter since a new crypto bill was passed. People who violate the rules will face fines of up to $182,600 and jail terms of up to five years when they are caught. Exchanges must now get a license from the Capital Markets Board in order to properly do business.
Bybit is expanding into Turkey after recently leaving the French market because of problems with the rules. The exchange said in early August that French users’ accounts would be limited to a “Close-Only” mode until the deadline for withdrawals in mid-August.
