Wallets/bybit
Bybit
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Overview
Bybit is the world's 2nd-largest crypto exchange by trading volume after Binance + UAE Dubai-headquartered cryptocurrency exchange [1, 2, [crypto-cro]]. 2025 baseline: 70M+ registered users (May 9, 2025) + $9.43T cumulative 2025 trading volume + $29.11B average daily volume + ~11% global crypto exchange market share + $6.0B daily derivatives volume (3rd in global derivatives after Binance $15.5B + ahead of OKX $4.5B).
Distinctive Bybit positioning [1, 3]:
- World's 2nd-largest crypto exchange by trading volume (after Binance)
- 70M+ registered users (May 9, 2025)
- $9.43T cumulative 2025 trading volume
- $29.11B average daily volume + ~11% global crypto exchange market share
- $6.0B daily derivatives volume — trailing Binance ($15.5B) + ahead of OKX ($4.5B)
- 2024 Lazarus Group hack: Bybit suffered $1.5B Ethereum hack by North Korean Lazarus Group (Feb 2024) — distinctive largest crypto exchange hack in history; Bybit recovered + reopened operations
- Distinctive UAE Dubai HQ: Bybit headquarters moved from Singapore to Dubai post-2022 Singapore regulatory restrictions; VARA (Virtual Assets Regulatory Authority Dubai) licensed
History
March 2018 — Bybit founded by Ben Zhou in Singapore — distinctive Singapore crypto exchange founding.
2018-2020 — Bybit derivatives leader focus.
2022 — Bybit moves headquarters from Singapore to Dubai post-Singapore regulatory restrictions.
February 21, 2024 — Bybit suffered $1.5B Ethereum hack by North Korean Lazarus Group — distinctive largest crypto exchange hack in history; Bybit recovered + reopened operations.
May 9, 2025 — Bybit surpasses 70M registered users [3].
2025 — $9.43T cumulative trading volume + $29.11B average daily volume + ~11% global crypto exchange market share + $6.0B daily derivatives volume [1].
Ownership & operator
Operating entity: Bybit Fintech Limited (operating as Bybit; private; UAE Dubai-headquartered post-2022 Singapore exit).
Major shareholders: Ben Zhou (founder + CEO; majority shareholder) + various institutional investors.
Regulators: VARA (Virtual Assets Regulatory Authority Dubai; UAE) + per-jurisdiction crypto regulators.
Technical integration
| Layer | Description |
|---|---|
| Channels | Bybit app (iOS + Android; primary mobile channel) + Bybit.com web exchange + Bybit Card (Mastercard) |
| Identifiers | Email + phone + KYC documents (per AML requirements) |
| License | Crypto exchange (centralized; VARA Dubai licensed; UAE Dubai-headquartered post-2022 Singapore exit) |
| Products | Bybit Spot Trading + Bybit Derivatives (Perpetual Futures + Inverse Perpetual + USDT Perpetual + Options) + Bybit Margin Trading + Bybit Copy Trading + Bybit Earn (staking + DeFi yield) + Bybit Launchpad (token launches) + Bybit NFT Marketplace + Bybit Wallet (Web3) + Bybit Card (Mastercard) + Bybit P2P |
| Distinctive 2024 Lazarus Group hack recovery: Bybit suffered $1.5B Ethereum hack Feb 2024 (largest crypto exchange hack in history) + recovered + reopened operations |
Users & growth
- 70M+ registered users (May 9, 2025)
- $9.43T cumulative 2025 trading volume
- $29.11B average daily volume + ~11% global crypto exchange market share
- $6.0B daily derivatives volume — 3rd in global derivatives (Binance $15.5B + ahead of OKX $4.5B)
- World's 2nd-largest crypto exchange by trading volume
Use cases
Global crypto spot + derivatives (perpetuals + options) + margin + copy trading + Bybit Earn (staking + DeFi yield) + Bybit Launchpad + Bybit NFT + Bybit Wallet (Web3) + Bybit Card (Mastercard) + Bybit P2P via Bybit app + Bybit.com.
Implementations & partners
Operator: Bybit Fintech Limited (operating as Bybit; private; UAE Dubai-headquartered).
Major shareholders: Ben Zhou (founder + CEO; majority shareholder) + various institutional investors.
Major crypto exchange competitors:
- [[binance]] (Binance; world's largest crypto exchange by trading volume; 300M+ users; 41.1% global spot Jun 2025; CZ-founded; restricted in US)
- [[coinbase]] (Coinbase Global Inc.; NASDAQ: COIN; US's largest crypto exchange; 108M+ customers; 60-65% US crypto exchange trading volume; 6.9% global)
- [[kraken]] (Kraken Financial; US-registered; 13M+ registered users; Federal Reserve master account approved Mar 2026)
- [[okx-exchange]] (OKX; centralized + Web3; 120M+ customers year end 2025; ~16.19% global CEX volume; Seychelles-registered)
- [[crypto-com]] (Crypto.com; centralized + Visa card; Singapore-headquartered; 100M+ users)
- Bitget + MEXC + HTX (formerly Huobi) + KuCoin + Gate.io (other major centralized crypto exchanges)
- Uniswap + PancakeSwap + dYdX + GMX (decentralized exchanges)
Regulators: VARA Dubai (UAE) + per-jurisdiction.
Fun facts
- World's 2nd-largest crypto exchange by trading volume (after Binance).
- 70M+ registered users (May 9, 2025).
- $9.43T cumulative 2025 trading volume + $29.11B average daily volume + ~11% global crypto exchange market share.
- $6.0B daily derivatives volume — 3rd in global derivatives (Binance $15.5B + ahead of OKX $4.5B).
- March 2018 founding by Ben Zhou in Singapore.
- 2022 Bybit moves headquarters from Singapore to Dubai post-Singapore regulatory restrictions.
- February 21, 2024 Lazarus Group hack: Bybit suffered $1.5B Ethereum hack by North Korean Lazarus Group — distinctive largest crypto exchange hack in history; Bybit recovered + reopened operations.
- VARA (Virtual Assets Regulatory Authority Dubai) licensed.
- Ben Zhou (founder + CEO + majority shareholder).
Comparison
| Feature | Bybit | [[binance]] (World's largest crypto exchange by trading volume rival; 300M+ users; 41.1% global spot Jun 2025) | [[coinbase]] (US's largest crypto exchange rival; 108M+ customers; NASDAQ-listed) | [[kraken]] (US-registered crypto exchange rival; Federal Reserve master account approved Mar 2026) | [[okx-exchange]] (OKX exchange rival; 120M+ customers year end 2025) |
|---|---|---|---|---|---|
| Operator | Bybit Fintech Limited (operating as Bybit; private; UAE Dubai-headquartered post-2022 Singapore exit; Ben Zhou founder + CEO majority shareholder + institutional investors) | Binance Holdings Ltd. (private; multi-jurisdiction; Changpeng Zhao "CZ" founder + majority shareholder; CZ stepped down Nov 2023; Richard Teng CEO) | Coinbase Global Inc. (NASDAQ: COIN; Brian Armstrong founder + majority class B + voting control) | Kraken (Payward Inc.; private; US-registered) | OKX (private; Seychelles-incorporated + Bahamas-registered entities) |
| Type | World's 2nd-largest crypto exchange by trading volume + 70M+ registered users + $9.43T cumulative 2025 trading volume + $29.11B avg daily volume + ~11% global CEX market share + $6.0B daily derivatives volume (3rd globally) + UAE Dubai-headquartered + VARA-licensed | World's largest crypto exchange by trading volume (41.1% global spot Jun 2025) + 300M+ users + $34T 2025 annual trading volume + BNB Chain | US's largest crypto exchange + 108M+ customers + 60-65% US crypto exchange trading volume + 6.9% global market share + NASDAQ-listed since Apr 14 2021 + Base L2 blockchain | US-registered crypto exchange + Federal Reserve master account approved Mar 2026 + Kraken Securities FINRA member commission-free US stocks + ETFs trading | Major centralized crypto exchange + Web3 wallet (Batch 27 covered) + 120M+ customers year end 2025 + ~16.19% global CEX market share + Seychelles-registered |
| Country | Global (UAE Dubai HQ; restricted in US, UK, mainland China) | Global (UAE base; restricted in US) | US + global | US + UK + CA + global | Global (Seychelles base) |
| Users | 70M+ registered users (May 9 2025); $9.43T cumulative 2025 trading volume; $29.11B avg daily volume; ~11% global CEX market share; $6.0B daily derivatives volume | 300M+ users (Dec 2025); $34T 2025 trading volume; 41.1% global spot Jun 2025 | 108M+ customers; 60-65% US crypto exchange trading volume | 13M+ registered users + 5.2M funded accounts (Q3 2025); $561.9B Q3 2025 trading volume | 120M+ customers year end 2025; ~16.19% global CEX market share |
| Distinctive | Mar 2018 Ben Zhou-founded in Singapore; 2022 moved HQ from Singapore to Dubai post-Singapore regulatory restrictions; Feb 21 2024 Lazarus Group hack ($1.5B Ethereum hack by North Korean Lazarus Group — distinctive largest crypto exchange hack in history; Bybit recovered + reopened operations); VARA Dubai-licensed; world's 2nd-largest crypto exchange by trading volume after Binance | Jul 2017 CZ-founded in China; 2017 moved out of China post-crackdown; 2019 Binance.US separate US entity; Nov 2023 CZ stepped down + $4.3B US AML settlement; 2025 ADGM FSRA full authorization + 29 global certifications; BNB Chain own blockchain | Jun 2012 founding by Brian Armstrong + Fred Ehrsam; Apr 14 2021 NASDAQ direct listing (first publicly listed major crypto exchange); 60-65% US crypto exchange trading volume; Base L2 blockchain on Ethereum (major DeFi ecosystem) | Jul 2011 founding by Jesse Powell + Thanh Luu in San Francisco; one of oldest crypto exchanges still operational; Mar 2026 Federal Reserve master account approval (distinctive direct Fed payment rails access); Apr 2025 Kraken Securities launch + Apr 2025 Kraken-bunq partnership | Founded 2017 by Star Xu in Beijing; 2018-2019 moved out of China; Seychelles-incorporated + Bahamas-registered entities; 120M+ customers year end 2025 (50M mid-2025); 190K new accounts daily 2025; ~16.19% global CEX market share + 16% trading volume growth 2025; DEX trading volume +262% globally 2025 |
Status
Active, world's 2nd-largest crypto exchange by trading volume after Binance [1, 3]:
- Bybit Fintech Limited (operating as Bybit; private; UAE Dubai-headquartered post-2022 Singapore exit) since March 2018 (founded by Ben Zhou in Singapore).
- 70M+ registered users (May 9, 2025).
- $9.43T cumulative 2025 trading volume + $29.11B avg daily volume + ~11% global CEX market share.
- $6.0B daily derivatives volume — 3rd globally (Binance $15.5B + ahead of OKX $4.5B).
- February 21, 2024 Lazarus Group hack: $1.5B Ethereum hack (largest crypto exchange hack in history); Bybit recovered + reopened operations.
- VARA (Virtual Assets Regulatory Authority Dubai) licensed.
Sources
- 1 Bybit Statistics 2026: Secrets in the Data — CoinLaw
- 2 Bybit — official
- 3 Bybit trade volume and market listings — CoinMarketCap
- 4 Cryptocurrency Derivatives Market Statistics 2026: Shocking Surge — CoinLaw
- [crypto-cro] In-corpus:
reports/countries/CRYPTO-global.md
Source
Biography extracted from bybit.md. See matrix.md for standards-support matrix if present.