Bybit Crosses a Line in Rwanda That Binance Has Walked for Years Without Consequence
Bybit listed the Rwandan Franc (FRW) for P2P crypto trading without regulatory approval, prompting a warning from Rwanda’s central bank.Summary
The National Bank of Rwanda (BNR) cautioned citizens against using FRW for crypto transactions after Bybit listed the currency on its P2P platform without clearance. Rwanda has historically restricted crypto, but is developing a regulatory framework and a Central Bank Digital Currency (CBDC), the e-FRW. Bybit’s promotional launch, including outdated national emblems, appears to have crossed a regulatory line that Binance and Remitano have navigated for years without similar repercussions. The BNR’s warning underscores concerns about unregulated crypto platforms undermining the CBDC and facilitating money laundering, with potential penalties for unlicensed operators including fines and imprisonment. Bybit’s response will likely set a precedent for other exchanges in East Africa.
(Source：BeInCrypto)