Bybit plans US entry through a brokerage partnership

Bybit plans to enter the United States through a brokerage partnership rather than obtain licenses independently, CEO Ben Zhou said. Bybit ranks second globally among crypto exchanges by trading volume. Zhou said Bybit typically enters new markets with local partners that have existing customers but have not yet expanded into crypto. Zhou named Interactive Brokers as an illustration of the type of U.S. partner Bybit could seek.

The partnership strategy avoids the state-by-state licensing route Coinbase used to establish operations in the United States. Zhou estimated that the licensing process takes two to three years. Zhou said Bybit would prefer to await passage of the Clarity Act or full SEC oversight of crypto, simplifying fragmented requirements into one federal license. Zhou argued that staying outside the United States has benefited Bybit by leaving the exchange with a completely clear record there. Zhou said Bybit prefers a suitable opportunity to enter rather than rushing because of fear of missing out.

Zhou acknowledged strong U.S. competition, citing Coinbase's established presence and Robinhood's expanding reach as challenges. Bybit had not responded by publication time to questions about whether discussions with particular U.S. brokerages had begun. Bybit also had not responded to a question about which products the exchange would prioritize at launch.

Zhou described competition in the United Kingdom as less concentrated than in Southeast Asia, Latin America or Africa. Zhou said the United Kingdom is moving toward a new crypto regulatory framework and no global exchange dominates the market. Zhou identified Coinbase as the strongest incumbent but described substantial untapped opportunities. Zhou cautioned that entering the United Kingdom would cost approximately as much as obtaining a Markets in Crypto-Assets (MiCA) license in the European Union.

Bybit plans to introduce an "everything app" in the European Union with derivatives and tokenized stocks as early as the first quarter of 2027. Bybit has more than 80 million registered users. Bybit serves users across over 180 countries and regions, providing a global customer base for expansion into regulated markets as licensing opportunities emerge.