Bybit launches P2P transactions for financial inclusion while disregarding regulators
“For the underbanked and retail investors everywhere, this fiat currency payment solution provides them with seamless access to invest in cryptocurrencies, freeing investors from the burdens of intransparent fees, layers of intermediaries, delays and high barriers to entry.”
Bybit has introduced peer-to-peer (P2P) transactions to help easier on- and off-ramp access, starting Jan. 18, 2022.
The fast-growing cryptocurrency exchange allows users to buy and sell Tether (USDT) with other users, easily and securely, at no platform or hidden fees on the Bybit website, with the app version to be launched soon, the firm stated.
More control over crypto to fiat and vice versa
Offering more than 80 different payment methods and more than nine fiat options (Australian dollar, Hong Kong dollar, Indian rupee, Malaysian ringgit, Philippine peso, Russian ruble, New Taiwan dollar, Ukrainian hryvnia and Vietnamese dong), the P2P platform by Bybit is giving users more control over crypto to fiat conversions and vice versa, in a safe and secure environment.
Once a buyer completes their order, the seller’s cryptocurrency will be placed in a temporary deposit until both parties confirm that the transaction is successful.
There will also be an ad posting feature to allow whitelisted users to personalize their offers according to preferred price, payment method and local currency.
Ben Zhou, Co-Founder and Chief Executive Officer of Bybit, said: “We at Bybit are excited to introduce P2P to address niche pain points in financial inclusion. For the underbanked and retail investors everywhere, this fiat currency payment solution provides them with seamless access to invest in cryptocurrencies, freeing investors from the burdens of intransparent fees, layers of intermediaries, delays and high barriers to entry. Bybit is in the business of financial innovation and creating new gateways to financial freedom”.
Bybit continues to operate without proper licenses and authorizations
While Bybit announces a significant milestone for the crypto exchange operator and investors in need of a P2P trading platform, the firm remains under pressure from regulatory authorities across the globe, namely Spain, the United Kingdom, and Canada.
In March 2021, Bybit was forced to shut down in the UK amid the ban on crypto asset derivative products for retail investors.
In June 2021, the Ontario Securities Commission (OSC) acused Bybit of failing to comply with its securities law as it operates an “unregistered crypto asset trading platform”.
The statement of allegations says that the firm incorporated in the British Virgin Islands encourages Ontarians to use the unregistered platform, allowing them to trade crypto asset products that are securities and derivatives.
In August 2021, Spain issued a warning against Bybit, among many other crypto trading platforms including Huobi, because it was offering trading services while not holding appropriate licenses or authorization to do so in Spain.