Bybit ramps up European presence with Mastercard incentives By Investing.com
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In a strategic move to expand its reach in the European market, Bybit, the world’s third-largest crypto exchange, has introduced a new incentive scheme for its Mastercard (NYSE:) service. The initiative includes multiple bonuses aimed at attracting European users, as the company looks to fill the gap left by Binance’s recent discontinuation of its Visa (NYSE:) card services in the region.
Bybit’s promotional efforts come on the heels of regulatory challenges that have seen competitors scale back their operations. Earlier in October, Binance opted to retire its Visa card in Europe, redirecting residents to its homepage instead of the Crypto Card portal. The decision was influenced by Binance’s desire to concentrate on its primary business activities amidst a tightening regulatory landscape.
In contrast, Bybit is pressing forward with confidence, having launched its Mastercard service in March 2023. The card facilitates crypto-to-fiat transactions and is accepted at over 90 million merchants worldwide that support Mastercard. VIP members benefit from additional perks such as increased loyalty points and cashback rewards.
Bybit announced an incentive program specifically for European customers, featuring a 10 EUR signup bonus, a 5 EUR reward for the first transaction, and an additional 10 EUR for the first deposit made on the platform. This competitive strategy is indicative of Bybit’s commitment to growth in Europe. The firm is not deterred by the stringent Know Your Customer (KYC) and due diligence requirements imposed by the EU’s MiCA regulations earlier in July 2023.
While Binance has stepped back due to regulatory concerns and a challenging operational environment following new EEA regulations, Bybit is positioning itself as a viable alternative for European crypto investors. The exchange has also announced future plans to integrate its Mastercard service with mobile payment platforms Apple (NASDAQ:) Pay and Google (NASDAQ:) Pay, which will further extend its usability across various merchant locations that accept Mastercard.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
In a strategic move to expand its reach in the European market, Bybit, the world’s third-largest crypto exchange, has introduced a new incentive scheme for its Mastercard (NYSE:) service. The initiative includes multiple bonuses aimed at attracting European users, as the company looks to fill the gap left by Binance’s recent discontinuation of its Visa (NYSE:) card services in the region.
Bybit’s promotional efforts come on the heels of regulatory challenges that have seen competitors scale back their operations. Earlier in October, Binance opted to retire its Visa card in Europe, redirecting residents to its homepage instead of the Crypto Card portal. The decision was influenced by Binance’s desire to concentrate on its primary business activities amidst a tightening regulatory landscape.
In contrast, Bybit is pressing forward with confidence, having launched its Mastercard service in March 2023. The card facilitates crypto-to-fiat transactions and is accepted at over 90 million merchants worldwide that support Mastercard. VIP members benefit from additional perks such as increased loyalty points and cashback rewards.
Bybit announced an incentive program specifically for European customers, featuring a 10 EUR signup bonus, a 5 EUR reward for the first transaction, and an additional 10 EUR for the first deposit made on the platform. This competitive strategy is indicative of Bybit’s commitment to growth in Europe. The firm is not deterred by the stringent Know Your Customer (KYC) and due diligence requirements imposed by the EU’s MiCA regulations earlier in July 2023.
While Binance has stepped back due to regulatory concerns and a challenging operational environment following new EEA regulations, Bybit is positioning itself as a viable alternative for European crypto investors. The exchange has also announced future plans to integrate its Mastercard service with mobile payment platforms Apple (NASDAQ:) Pay and Google (NASDAQ:) Pay, which will further extend its usability across various merchant locations that accept Mastercard.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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