Bybit, a cryptocurrency exchange, has reached a significant milestone by obtaining a crucial license in Kazakhstan, which serves as a signal of its expansion into the Commonwealth of Independent States (CIS) region.
The Astana Financial Service Authority (AFSA) granted Bybit a complete license on Friday, enabling it to function as a regulated market institution.
This regulatory sanction is a critical milestone in Bybit’s global expansion efforts, as it allows the company to provide a wide variety of services, such as digital asset trading, custody, and crypto loans.
Bybit exceeds Binance in terms of open interest for XRP futures trading, in addition to its expansion in Kazakhstan. As per Coinglass data, Bybit presently maintains $195 million in open interest for its XRP/USDT futures trading pair, as opposed to Binance’s $172 million. The term “open interest” denotes the quantity of derivative contracts that dealers presently possess on an exchange.
Binance continues to maintain a higher trading volume for XRP futures, despite this lead in open interest. Binance’s XRP futures market recorded a trading volume of $419 million in the past 24 hours, while Bybit’s volume was $186 million. Binance is also the industry leader in the XRP spot market, with $131 million in trades in the past 24 hours, while Bybit has only $50 million.
Bybit’s recent complete licence from AFSA allows it to provide a wide range of crypto services in Kazakhstan, thereby consolidating its dedication to regulated, dependable services. Bybit intends to expand globally, with an emphasis on transparency, security, and advanced technology. By diversifying its offerings with the introduction of Islamic crypto accounts, Bybit establishes itself as a significant participant in the global crypto market.
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