Bybit has introduced spot TRY trading pairs, providing Turkish users the ability to access cryptocurrencies directly without the need for conversion steps.

Bybit is expanding its presence in Turkey by launching Turkish Lira trading pairs on its spot market. This allows users to trade cryptocurrencies directly without conversion steps, as announced in a recent press release on September 2.

Kutluhan AkΓ§Δ±n, Bybit TΓΌrkiye’s country manager, highlighted the importance of this launch, stating that the exchange’s latest move demonstrates its β€œdedication to catering to local needs and providing a convenient platform for Turkish users to participate in the crypto market.” From now on, Bybit users can trade Bitcoin, Ethereum, and Tether directly against TRY.

Bybit Joins the Trend of Exchanges Entering Turkey

This development is part of a broader trend of international cryptocurrency exchanges seeking to establish a presence in Turkey. This follows the country’s recent finalization of its regulatory framework for the crypto sector. According to the Capital Markets Board of Turkey, over 50 crypto exchanges, including Binance, Bitfinex, and OKX, have applied to register in the country. However, this registration does not yet grant them authorization to operate.

The regulatory landscape in Turkey has tightened with the approval of a crypto bill that imposes strict penalties, including fines up to $182,600 and prison sentences of up to five years for non-compliance. Exchanges must now be licensed by the Capital Markets Board to operate legally.

This launch in Turkey also comes after Bybit decided to exit the French market due to regulatory challenges. In early August, the exchange announced restrictions on French users’ accounts, limiting them to a β€œClose-Only” mode until the withdrawal deadline by mid-August.

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