Bybit has also expanded its operations to Kazakhstan after obtaining a full license to offer a wide range of cryptocurrency services.
The XRP futures market on Bybit, the second-biggest cryptocurrency exchange in terms of trading volume, is now experiencing a higher level of open interest than the market on Binance, which is the largest exchange in terms of trading volume.
After obtaining a full license to offer cryptocurrency trading services in Kazakhstan, the cryptocurrency exchange has recently expanded its operations to the Kazakhstan market. This new development coincides with the ongoing expansion.
Bybit Tops Binance In XRP Futures Trading
According to the data provided by Coinglass, Bybit has surpassed Binance in terms of trading XRP futures. At the moment, the former has a total of $195 million in open interest for its XRP/USDT futures trading pair, while Binance’s XRP/USDT futures market has a total of $172 million in open interest.
As a result, a higher level of open interest on Bybit will often indicate that the exchange is the preferred choice for XRP traders with regard to Binance transactions. However, this is not entirely accurate because Binance continues to have a higher trading volume for this XRP futures trading pair than the second-largest exchange.
On its XRP futures market, the most active exchange in terms of trading volume recorded a trade volume of $419 million over the course of the previous twenty-four hours, while the second-largest exchange had a trading volume of $186 million on its XRP futures market through the same time period.
In the meantime, Binance is also the dominant player in the XRP spot market. Within the past twenty-four hours, the spot market for XRP on the exchange has seen transactions totaling $131 million.
During this time period, Bybit reported a spot trading volume of fifty million dollars for XRP. Given their dominant position in terms of trade volume, both exchanges will continue to engage in continuous competition.
Expansion Into The Kazakhstan Market
Bybit has obtained a complete license to provide cryptocurrency services in Kazakhstan, surpassing Binance. This is a significant achievement. The authorities’ grant of a permit to both exchanges marked their initial steps towards market entry.
This marked their initial progress in the market. However, the exchange’s successful acquisition of a complete license from the Astana Financial Service Authority (AFSA) has made it the first entity in the country to receive permission to offer cryptocurrency trading services.
Following the announcement that they have received full authorization, the cryptocurrency exchange will be able to provide a broad range of services, which will include trading and custody of digital assets.
In addition, the exchange will manage customer investments and act as an agent and principal. The platform will offer a wide range of products such as spot and derivatives trading, margin trading, and cryptocurrency loans.
According to the statement, the cryptocurrency exchange plans to launch its Kazakhstan website on the “bybit.kz” domain in mid-October 2024. The exchange made this announcement immediately following the recent launch of Islamic cryptocurrency accounts, specifically designed to meet the needs of Muslim investors.
Because these accounts do not pay interest, these investors will be able to trade cryptocurrency without any discomfort.
