Forex and Crypto News

ByBit enters the spot market to survive

12:19 15 July /2021

The well-known crypto exchange ByBit, which provides cryptocurrency derivatives trading, has announced its entry into the spot market. The exchange will support trading BTC/USDT, ETH/USDT, XRP/USDT, and EOS/USDT. However, this step of the company can be called the company's survival, not its expansion. After the ByBit exchange faced bans from regulatory authorities in different countries, it had to revise its development strategy in order to stay on the market.

The first blow to the ByBit exchange was its ban by the Financial Conduct Authority (FCA) in the UK. Then the FCA announced that trading highly risky assets could be dangerous for UK citizens. A ban from the Office of Financial Conduct Control forced ByBit to return funds to its clients and leave the UK.

However, following the FCA ban, ByBit faced yet another financial regulator, this time in Canada's Ontario province. The Ontario Securities Commission (OSC) stated that ByBit operated in Ontario without the required license. OSC called it illegal to trade and exchange cryptocurrencies in Ontario using ByBit. The Ontario Securities Commission, like the FCA, has warned ByBit clients that trading cryptocurrencies are subject to significant risks, including potential loss, theft, and misuse of their assets.

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