Bybit unveils spot trading pairs with TRY in Turkish expansion push

Bybit is offering spot TRY trading pairs that give Turkish users direct access to cryptocurrencies without the need for conversion steps.

Bybit announced in a press release published on September 2 that it has intensified its growth in Turkey by launching Turkish Lira trading pairs in its spot market, allowing users to trade cryptocurrencies without conversion steps.

Bybit Turkey Country Manager Kutluhan Akçın emphasized the importance of the launch, saying that the exchange’s latest move reflects its “commitment to responding to local needs and providing a platform that will facilitate Turkish users’ participation in the cryptocurrency market.” Bybit users will now be able to directly buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) for TRY.

Bybit joins the exchange rush heading to Turkey

The latest development comes as international cryptocurrency exchanges increasingly seek to establish a presence in Turkey after the country finalized its regulatory framework for the crypto sector. According to the Turkish Capital Markets Board, more than 50 crypto exchanges, including Binance, Bitfinex, and OKX, have applied to register in the country, but this does not yet grant them the authority to operate.

The regulatory crackdown in Turkey has been marked by the recent approval of a crypto bill that introduces stiff penalties, including fines of up to $182,600 and prison terms 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. The exchange announced in early August that it would restrict the accounts of French users, prohibiting the opening of new positions and limiting them to “Close Only” mode until a withdrawal deadline in mid-August.