The crypto exchange ByBit has been in the spotlight recently as its grip on the spot market has grown. ByBit is on pace to be the second-largest spot exchange by volume for the fifth month in a row, accounting for 10.6% of volumes across exchanges, its highest market share ever. In September 2022, its share was just 3%.
The CEO of ByBit, Ben Zhou, attributes some of its growth to its role in providing an exchange for former FTX customers, allowing users to trade crypto on margin and being available in similar regions. But it has not been all rosy for ByBit in the wake of the FTX collapse. Like its peers, the exchange has faced regulatory challenges and exited both the Canadian and UK markets last year. However, Zhou noted expansion beyond Europe and highlighted Brazil, Turkey and Africa as future growth areas.
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Bybit surpasses Coinbase in market share after Binance's declineBybit has overtaken Coinbase to become the second-largest crypto exchange globally, thanks to increased trading volume and Binance’s regulatory struggles impacting its market share.
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