Bybit Launches in Georgia

Major crypto exchange Bybit has expanded further within Europe, officially launching a platform for users in Georgia.

According to the press release, BybitGeorgia.ge is now the only company of its kind to operate in Georgia with a full local license. It allows it to offer users digital asset trading.

More precisely, users in this country now have access to spot trading, asset conversion, and over-the-counter (OTC) trading for high-volume transactions, the exchange says.

Furthermore, Bybit Georgia plans to roll out more localized features. This includes fiat deposit, withdrawal services, and the Bybit Card. This will allow holders to spend crypto in daily transactions.

Tekla Iashagashvili, Country Manager of Bybit Georgia, commented that the milestone is a step in the exchange’s “broader mission to expand access to digital assets worldwide,” “to support Georgia’s dynamic digital economy, and to contribute to the global growth of the crypto community.”

Notably, the launch of the Georgian branch comes days after Bybit launched its Bybit.eu, the platform exclusively dedicated to users in the European Economic Area (EEA).

The exchange said it would open new regional offices across France, Germany, Spain, and Italy. This is in addition to the current offices in Vienna (Bybit EU GmbH) and Amsterdam (Satos B.V.).

It has also welcomed Ambroise Helaine as the Bybit France Country Manager.

Per the Twitter announcement, Helaine aims to “make Bybit the go-to crypto app in Europe.”

Georgia is not a member of the EU. In late 2023, the European Commission has granted candidate status to Georgia.

‘Launch Campaign Reward Pool Up to 20,000 USDT’

Bybit Georgia says that it will celebrate the milestone with a limited-time Launch Campaign. It will last for a month, from 7 July through 7 August. According to the team, new users have a chance to earn up to 65 USDT in rewards for depositing and trading, after they register and complete identity verification.

Moreover, users can combine these rewards with the standard New User Welcome Gifts of up to 50 USDT, says the team. This brings “the total potential bonus for new users to 115 USDT,” they claim.

That said, the campaign’s total reward pool is up to 20,000 USDT. The exchange will distribute the funds on a first-come, first-served basis, within ten business days after the promotion ends.

Also, Georgian users can earn airdrops and trading fee commissions by referring friends to the new platform.

“Rewards include 10 USDT for deposits of at least $100 within seven days, up to a Mystery Box worth up to $1,000 for higher trading volumes, and commission rates from 20% to 30% based on the number of referrals,” the press release says.

Meanwhile, in late May this year, Bybit announced that it had received its MiCAR license from Austria’s Financial Market Authority (FMA). This enabled it to offer regulated crypto services across 29 EEA countries, reaching some 450 million users, with headquarters in Vienna.

On the other hand, Bybit, along with Bitget, was preparing to scale back operations in Singapore, per June reports. This followed an order from the Monetary Authority of Singapore (MAS) that threatened the companies’ ability to serve overseas clients.