Bybit Weighs U.S. Broker Partnership as Exchange Targets Regulated Growth

What to Know

• Bybit CEO Ben Zhou said the exchange would look to work with an established local company if it enters the U.S. market.
• Zhou cited a firm such as Interactive Brokers as an example of the type of partner that could help Bybit reach U.S. clients.
• Bybit is described as the second-largest cryptocurrency exchange by trading volume.
• The exchange has more than 80 million registered users worldwide across more than 180 countries and regions.
• Bybit has been gathering licenses globally as it prepares a broader suite of regulated products.
• In Europe, Bybit plans to roll out an everything app offering derivatives and tokenized stocks as early as the first quarter of next year.
• Zhou said a state-by-state U.S. licensing push could take two to three years.
• Bybit is also looking at the U.K., which Zhou described as an attractive and relatively untapped crypto market.
• Zhou said Bybit has not decided on a London office location.

Bybit Studies a Partnership Route Into the U.S.

Bybit is assessing how it could enter the U.S. cryptocurrency market without taking the same lengthy path followed by some domestic rivals, with CEO Ben Zhou signaling that a partnership with an established local financial firm would be the preferred approach. The strategy would place Bybit alongside a company that already has a meaningful U.S. client base and infrastructure, giving the exchange a potential bridge into one of the most important but most complex markets in global crypto.

Zhou said working with a partner is a standard approach for Bybit when it enters new territories. In the U.S., he suggested the exchange would look for a company that wants to move more deeply into crypto and already serves American customers. He cited Interactive Brokers as an example of the kind of firm that could fit that profile, while framing the idea as an illustration rather than a finalized deal.

The strategy reflects a broader shift in how global crypto platforms are thinking about expansion. Rather than simply opening operations and then trying to assemble regulatory permissions from the ground up, some exchanges are weighing alliances with firms that already understand local compliance, customer acquisition, and market structure. For Bybit, such an approach could shorten the learning curve in a market where brand recognition, regulatory positioning, and trust all matter heavily.

Why the U.S. Market Is Both Attractive and Difficult

The U.S. remains one of the largest and most influential markets for digital assets, but it is also one of the most difficult for foreign crypto companies to enter. Zhou described the country as highly competitive and very saturated, pointing to the established position of Coinbase and the growing importance of Robinhood. That combination makes a direct launch more complicated, particularly for an exchange that has so far stayed outside the U.S. market.

Bybit’s absence from the U.S. could become a strategic advantage, according to Zhou. He said the exchange has a clear record there because it has not yet attempted to establish a presence in the country. That clean slate, in his view, gives Bybit flexibility to wait for a more favorable moment rather than entering hastily out of fear of missing out.

The competitive picture is important because the U.S. crypto customer base is already served by well-known platforms that offer a mix of spot trading, brokerage access, and retail-friendly interfaces. Robinhood has built a large audience by combining stock and crypto access in a simple consumer app, while Coinbase remains one of the most recognized names in regulated U.S. digital asset trading. Any new entrant would need to compete not only on products and fees, but also on compliance credibility and distribution.

Licensing Questions Shape Bybit’s Timing

Regulation is central to Bybit’s U.S. calculations. Zhou said a state-by-state licensing process could take two to three years, highlighting the challenge of gathering money transfer licenses across the country and potentially pursuing the New York state BitLicense. That route has been part of the playbook for some crypto firms, but it is time-consuming and resource-intensive.

Rather than committing to that path immediately, Zhou indicated that Bybit may wait for greater clarity around U.S. crypto legislation. He referred to the Clarity Act and the possibility that future rules could create a more centralized framework. If oversight were to move toward one regulator and one federal license, the U.S. market could become more accessible for global exchanges seeking a compliant entry point.

That wait-and-see posture is not without risk. Crypto markets can move quickly, and competitors that gain early regulatory footholds may deepen customer loyalty before new entrants arrive. At the same time, rushing into a fragmented regulatory environment can create costs and legal uncertainty. Bybit’s current stance appears to favor optionality, preserving the ability to move when the company believes the timing and structure are right.

Global Licensing Push Continues

Bybit’s U.S. thinking is part of a wider international licensing effort. The exchange has more than 80 million registered users worldwide across more than 180 countries and regions, and it has been collecting licenses globally as it prepares to offer a broader range of regulated products. That global footprint gives Bybit scale, but regulated expansion requires local permissions and market-specific strategies.

In Europe, Bybit is preparing an everything app that would offer derivatives and tokenized stocks as early as the first quarter of next year. The planned product push reflects a wider trend among crypto exchanges seeking to become multi-asset platforms. Tokenized stocks, derivatives, and other regulated products could help exchanges serve users who want more than simple spot crypto trading, although such offerings generally require deeper regulatory engagement.

The move also shows how major exchanges are competing to become broader financial platforms. Crypto trading remains the core business for many of these companies, but users increasingly expect integrated access to different products in a single interface. That makes licensing, custody standards, market surveillance, and user protection central to growth plans.

U.K. Emerges as a Potential Growth Market

Beyond the U.S., Bybit is also looking closely at the U.K. Zhou described the country as a pretty good market where competition is not as concentrated as in some other regions. He said the U.K. is moving toward a new crypto regime and that none of the global exchanges are dominant there, with Coinbase likely the main player.

The U.K. has long been viewed as a major financial center, and its regulatory direction matters for crypto firms seeking legitimacy and institutional access. For global exchanges, a stronger position in the country could offer brand value and access to a sophisticated investor base. However, Zhou also said the cost to enter the U.K. is very high and could require almost the same effort as obtaining a MiCA license in the European Union.

That comparison underlines the strategic trade-off. A U.K. entry could be attractive because the market appears less crowded, but the regulatory lift may still be substantial. For Bybit, the question is whether the opportunity justifies the cost, time, and operational commitment required to build a compliant presence.

London Decision Still Pending

Zhou has also engaged with U.K. public and regulatory circles. Early this year, he was invited to meet government-linked bodies, including the Financial Conduct Authority and members of the House of Lords. Such meetings do not guarantee market entry, but they indicate that Bybit is examining the regulatory and political landscape closely.

Asked whether Bybit has a London office, Zhou said the company is looking but has not decided where yet. That leaves the U.K. plan in an exploratory phase, even as the market remains on the company’s radar. For now, Bybit appears to be balancing multiple expansion possibilities, with the U.S. requiring patience and the U.K. demanding a careful assessment of cost and opportunity.

What It Means for Crypto Competition

Bybit’s expansion strategy highlights how the next stage of crypto exchange competition may be shaped less by pure trading volume and more by regulated distribution. Large platforms are no longer competing only on liquidity, fees, and token listings. They are also competing on access to licenses, local partners, compliant product design, and the ability to serve users across multiple financial categories.

If Bybit eventually enters the U.S. through a broker partnership, it could bring a major global exchange into closer competition with Robinhood, Coinbase, and other established platforms. The partner model could give Bybit a faster path to customer access, while also allowing a traditional brokerage or financial company to deepen its crypto offering. Still, any such move would depend on regulation, commercial negotiations, and the timing of U.S. policy developments.

For the broader market, Bybit’s comments show that global exchanges remain interested in the U.S. despite the obstacles. They also show that the U.K. remains strategically relevant as regulators build a new framework for digital assets. The exchanges that can combine scale with compliance may be best positioned as crypto moves further into mainstream financial infrastructure.

Frequently Asked Questions (FAQs)

What is Bybit planning in the U.S.?

Bybit is considering a U.S. entry through a partnership with an established local company that already has a client base and may want to expand into crypto.

Which potential partner did Ben Zhou mention?

Ben Zhou cited Interactive Brokers as an example of the type of company Bybit could consider working with, but the comment was framed as an example rather than an announced partnership.

Why does Bybit prefer a partnership approach?

Zhou said partnerships are a standard approach for Bybit when entering new territories. A local partner could help the exchange navigate distribution, customer access, and market structure.

Why has Bybit not entered the U.S. yet?

Zhou said Bybit has stayed out of the U.S. and therefore has a clear record there. He suggested the company can wait for the right moment instead of rushing into a highly competitive and complex market.

How long could state-by-state U.S. licensing take?

Zhou said the state-by-state licensing process could take two to three years, which is one reason Bybit may wait for a clearer federal regulatory framework.

How large is Bybit globally?

Bybit has more than 80 million registered users worldwide across more than 180 countries and regions, making it one of the largest global cryptocurrency exchanges.

What is Bybit planning in Europe?

In Europe, Bybit plans to deploy an everything app offering derivatives and tokenized stocks as early as the first quarter of next year.

Why is Bybit interested in the U.K.?

Zhou described the U.K. as an attractive and relatively untapped market where no global exchange is dominant, although he also said the cost to enter is very high.

Has Bybit chosen a London office?

Bybit has not decided on a London office location. Zhou said the company is looking but has not made a final decision.