Bybit CEO Favors U.S. Retail Partner for Potential Market Entry

Bybit co-founder and CEO Ben Zhou favors entering the U.S. through a local partner with an established retail customer base, as the exchange explores a market where Coinbase and Robinhood hold strong positions.

Bybit has not found a suitable U.S. entry opportunity or secured a partner. Zhou said the exchange is talking with potential partners, but no arrangement has been agreed.

Under his preferred approach, Bybit would provide trading technology, products and liquidity, while the U.S. firm would contribute customers and local resources. Zhou said obtaining licenses and spending on marketing alone would be a difficult way to compete with Coinbase and Robinhood.

Zhou also pointed to uncertainty around the CLARITY Act, which has not passed, and said many traditional financial institutions are waiting for a clearer regulatory framework.

The potential U.S. partnership fits a broader shift toward local operations. Zhou has argued that rapid global expansion by exchanges has run its course, and he expects more consolidation among platforms seeking to serve many countries.

He sees room for regional exchanges with licenses, banking relationships and customer support suited to their markets. Global platforms may have stronger technology, Zhou said, but local competitors can devote more resources to banking channels, service and day-to-day operations in each country.

Bybit may have only 10 to 20 employees in a given market, Zhou said. He named the Philippines, Thailand, Indonesia, Brazil and Argentina as countries where the exchange sees room to grow, while emphasizing that a single product and marketing approach will not fit every market.

The shift adds operational demands. Zhou said Bybit holds more than 10 licenses worldwide and that internal reviews and risk management require more work than when the exchange launched in 2018. He said major crypto exchanges still earn most of their profits from derivatives trading, while payments are beginning to provide revenue in regulated markets.

Bybit also uses AI to scan code and support work across several teams, Zhou said. It has created an AI security department to build a security framework. Separately, company and AI gateways restrict access to core code, sensitive data and development systems.

Over the next year, Bybit plans to put more resources into local teams, adapt products to payment methods and regulatory requirements in individual markets, and give regional operations more support from its global headquarters.