Bybit unveils spot trading pairs with TRY in Turkish expansion push

Bybit launches spot TRY trading pairs, offering Turkish users direct access to cryptocurrencies without the need for conversion steps.

Bybit is intensifying its expansion in Turkey by launching Turkish Lira trading pairs on its spot market, allowing users to trade cryptocurrencies without conversion steps, the exchange announced in a Sept. 2 press release.

Kutluhan Akçın, Bybit Türkiye’s country manager, emphasized the significance of the launch, saying the exchange’s latest move reflects its “dedication to catering to local needs and providing a convenient platform for Turkish users to participate in the crypto market.” From now on, users on Bybit can trade Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) directly against TRY.

Bybit joins rush of exchanges heading to Turkey

The latest development comes as international cryptocurrency exchanges are increasingly seeking to establish a foothold in Turkey following the country’s finalization of its regulatory framework for the crypto sector. According to the Capital Markets Board of Turkey, over 50 crypto exchanges, including Binance, Bitfinex, and OKX, have applied to register in the country, though this does not yet grant them authorization to operate.

The regulatory push in Turkey has been marked by the recent approval of a crypto bill imposing strict penalties, including fines of up to $182,600 and prison sentences of up to five years for non-compliance. Exchanges must now be licensed by the Capital Markets Board to operate legally.

The launch in Turkey also follows Bybit’s decision to exit the French market due to regulatory challenges. In early August, the exchange announced it would restrict French users’ accounts, prohibiting the opening of new positions and limiting them to a “Close-Only” mode until the withdrawal deadline by mid-August.