Crypto Derivatives Exchange ByBit Launched Crypto Spot Trading

Crypto derivatives exchange ByBit launched a crypto spot trading option for all users and this way traders can buy and sell assets like Bitcoin immediately as we can see more in our latest Bitcoin news today.

Singapore-based crypto derivatives exchange Bybit launched crypto spot trading as a new spot trading feature. The exchange in the past week tallied $33 billion in trading volume and said that the feature will come with zero maker fees which are usually charged when an order isn’t immediately picked up by a buyer or a seller. ByBit is one of the biggest derivatives exchanges in terms of trade volume as per the data from Nomics. A derivatives exchange allows users to trade contracts on crypto-assets rather than the assets themselves so with futures, for example, people trade a contract that obliges them to buy or sell crypto at a later date.

A crypto spot trade is when traders can buy and sell assets such as BTC with spot trading, buyers and sellers agree on the price and make the transaction. ByBit explained that this is not a reaction to the falling derivatives activity as one spokesperson said:

“It’s a part of our long-term strategy to serve all crypto lovers and users, and expand Bybit’s product offerings beyond futures contracts to spot, options, cloud mining, information and education content and more.”

According to ByBit, BTC/USDT, ETH/USDT, and XRP/USDT, and EOS/USDT will be supported at first, and more trading pairs will be announced after. The exchange is also the primary investor in BitDao by Peter Thiel as a decentralized autonomous organization that funds decentralized finance projects as ByBit committed one billion dollars per year to the project. A month ago, the exchange based in Singapore but registered in the British Virgin Islands that got into trouble with Canadian regulators like the OSC charging it with operating an unregistered asset trading platform, encouraging people of Ontario to use the platform and allow the residents to trade crypto assets products that are securities and derivatives.

As recently reported, The OSC says that it reached out to the exchange back in March but heard nothing from them. ByBit is one of the world’s top five exchanges with $53 billion in trading volume over the past week but it now got into trouble with the regulators along with other prominent crypto trading platforms. The Ontario Securities Commission charged the company with “operating an unregistered crypto asset trading platform” and further encouraging Ontarians to use the platform as well as allowing the residents to trade assets that are actually securities and derivatives.

Source: https://www.dcforecasts.com/altcoin-news/crypto-derivatives-exchange-bybit-launched-crypto-spot-trading/