Bybit Expands into the European Market
Bybit, a prominent cryptocurrency exchange, has officially extended its services into the European market by launching a dedicated platform for users in Georgia. This new initiative, named BybitGeorgia.ge, marks a significant development as it is the first exchange in the nation to possess a complete local license, enabling it to facilitate digital asset trading for Georgian users.
Trading Activities and Future Plans
With this launch, customers in Georgia can now engage in various trading activities, including spot trading, asset conversion, and over-the-counter (OTC) transactions designed for high-volume trades. Bybit is not stopping there; plans are underway to introduce additional localized functionalities, such as fiat currency deposit and withdrawal services, alongside the Bybit Card, which will enable users to make everyday purchases using cryptocurrency.
Commitment to Digital Economy
Tekla Iashagashvili, who serves as the Country Manager for Bybit Georgia, expressed that this venture is part of the broader objective to enhance global access to digital assets. Furthermore, she emphasized the commitment to bolstering Georgia’s evolving digital economy while contributing to the international cryptocurrency community’s development.
Recent Developments in Europe
This move comes shortly after Bybit unveiled its dedicated European platform, Bybit.eu, aimed specifically at users within the European Economic Area (EEA). The exchange is actively establishing new offices in major European countries such as France, Germany, Spain, and Italy, supplementing its existing offices located in Vienna and Amsterdam. Recently, Bybit appointed Ambroise Helaine to oversee operations in France, with the goal of positioning Bybit as a leading cryptocurrency platform in Europe.
Georgia’s Candidate Status
Notably, while Georgia is not a member of the European Union, it was granted candidate status by the European Commission towards the end of 2023.
Launch Campaign and Promotions
To celebrate its launch in Georgia, Bybit will run a promotional Launch Campaign from July 7 to August 7, offering new users rewards for signing up, depositing, and trading through the platform. The exchange is providing up to 65 USDT for users who complete identity verification, which can be combined with existing new user bonuses that reach 50 USDT, totaling a potential reward of 115 USDT. The overall reward pool for this campaign is set at 20,000 USDT, to be distributed on a first-come, first-served basis post-promotion.
Referral Program and Additional Rewards
Additionally, Georgian users can benefit from a referral program that offers rewards, including 10 USDT for deposits of $100 or more within a week and a Mystery Box with potential prizes up to $1,000 based on trading volume. The rewards for referring friends can range from 20% to 30% in commission rates, depending on the number of referrals.
Regulatory Developments
Earlier this year, Bybit secured its MiCAR license from the Austrian Financial Market Authority (FMA), allowing it to operate regulated cryptocurrency services across 29 EEA nations, thereby enhancing its reach to an estimated 450 million users. However, in a contrasting development, reports indicated that Bybit and competitor Bitget were poised to reduce their operations in Singapore following regulatory pressures from the Monetary Authority of Singapore (MAS) that could limit their service provision to international clients.
