To maintain its position among the largest exchanges handling Bitcoin (BTC) futures traffic, Bybit Institutional has launched its updated trading platform. The platform aimed at professional traders, a part of the Bybit exchange, has received a refreshed interface. According to the company, the update better reflects the range of innovations taking place in the rapidly evolving cryptocurrency sector.
Bybit Unveils Revamped Institutional Trading Platform
In addition to its refreshed look, the updated version of the institutional platform offers access to deep liquidity and fast order execution. As Bybit stated, institutional clients can expect better security for their assets and a favorable fee structure.
According to Coinglass data, Bybit Institutional is one of the top three platforms most frequently chosen by professional traders looking for opportunities to trade in cryptocurrency futures contracts. The platform has secured a top-three spot among crypto exchanges for total BTC futures open interest.
This occurred when rumors surfaced that the platform plans to exit the United Kingdom due to regulations that came into effect in early October. However, Bybit has disavowed these rumors, stating that it has no intention of leaving the UK market.
"We are thrilled to introduce the new Bybit Institutional page, designed to cater specifically to the needs of our institutional clients," said Eugene Cheung, the Vice President and Head of Bybit Institutional. "With our deep liquidity, commitment to asset safety, and cost-efficient fee structure, we aim to provide a seamless trading experience for institutions of all sizes."
In addition, Bybit Institutional boasts partnerships with leading industry players such as Copper, Circle, and Fireblock.
Bybit's New Licenses
The cryptoexchange has been on a licensing spree to expand its operational reach lately. After establishing its main global headquarters in Dubai in April, Bybit FinTech FZE, its Middle Eastern branch, received a preliminary Minimum Viable Product license from Dubai's Virtual Assets Regulatory Authority.
Further expanding its regulatory footing, Bybit recently secured another license from the Cyprus Securities and Exchange Commission (CySEC), allowing it to operate as a crypto exchange and provide custody services in Cyprus. The license was granted to UAB Onlychain Fintech Limited, a Lithuanian entity, in May 2023. This new authorization enables Bybit to offer a full suite of services, including trading between crypto and fiat currency pairs. In another development,
Bybit additionally received an “in-principle” license from Kazakhstan's Astana Financial Services Authority, allowing it to run a digital asset trading facility and offer custody services at the Astana International Financial Centre. This license comes with pre-conditions, leading to permanent authorization once the full application process is complete.
This article was written by Damian Chmiel at www.financemagnates.com.
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