Bybit, a prominent cryptocurrency exchange, is ramping up its promotional efforts in Europe as it seeks to attract new customers in the region. This move comes at a time when its competitors, such as Binance, have been scaling back their operations due to regulatory challenges. In October, Binance decided to retire its Visa card in Europe, redirecting users to its homepage instead of the Crypto Card portal. This decision was driven by Binance’s desire to focus on its core business activities amidst a tightening regulatory landscape.
In contrast, Bybit is forging ahead with confidence. The exchange launched its Mastercard service in March 2023, which enables users to make crypto-to-fiat transactions. This card is accepted at over 90 million merchants worldwide that support Mastercard. In addition, VIP members enjoy extra benefits, including increased loyalty points and cashback rewards.
To attract European customers, Bybit has introduced an incentive program. This program offers 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 demonstrates Bybit’s commitment to expanding its presence in Europe. The company remains undeterred by the stringent Know Your Customer (KYC) and due diligence requirements imposed by the EU’s MiCA regulations in July 2023.
While Binance has taken a step back due to regulatory concerns and the challenging operational environment following the introduction of new EEA regulations, Bybit is positioning itself as a viable alternative for European crypto investors. The exchange has also announced plans to integrate its Mastercard service with popular mobile payment platforms, such as Apple Pay and Google Pay. This integration will further enhance the usability of Bybit’s Mastercard across various merchant locations that accept Mastercard.
It is worth noting that this article was generated with the support of AI and reviewed by an editor to ensure accuracy and adherence to journalistic standards.