Singapore-based cryptocurrency exchange Bybit has launched a spot trading platform as a complement to its core derivatives offering.
- The platform opened at 6:00 UTC Thursday (2 a.m. ET) with four trading pairs: BTC/USDT, ETH/USDT, XRP/USDT and EOS/USDT.
- More trading pairs will follow shortly, according to an emailed announcement.
- Bybit said spot trading is a “complementary vector” to its derivatives offering for hedging bets on cryptocurrencies.
- Bybit has faced a trying few months in the face of regulators, including in the U.K. where they cut off its service to British customers in March following the Financial Conduct Authority’s ban on crypto derivatives.
- In June, Bybit faced an accusation from the Ontario Securities Commission in Canada that it was operating an unregistered crypto asset trading platform that encouraged customers to trade crypto assets that are securities and derivatives on its platform.
Read more: BitMEX to Offer Custody, Spot Trading to Expand Beyond Crypto Derivatives