# Bybit

> Source: https://docs.barcoder.ai/docs/wallets/bybit
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Bybit — official](https://www.bybit.com/)

## Overview

**Bybit** is **the world's 2nd-largest crypto exchange by trading volume after Binance** + **UAE Dubai-headquartered cryptocurrency exchange** <sup>[1][1], [2][2], [crypto-cro]</sup>. **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** <sup>[1][1], [3][3]</sup>:
- **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** <sup>[3][3]</sup>.

**2025 — $9.43T cumulative trading volume + $29.11B average daily volume + ~11% global crypto exchange market share + $6.0B daily derivatives volume** <sup>[1][1]</sup>.

## 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

**2025 baseline** <sup>[1][1], [3][3]</sup>:
- **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](https://docs.barcoder.ai/docs/wallets/binance)** (Binance; world's largest crypto exchange by trading volume; 300M+ users; 41.1% global spot Jun 2025; CZ-founded; restricted in US)
- **[Coinbase](https://docs.barcoder.ai/docs/wallets/coinbase)** (Coinbase Global Inc.; NASDAQ: COIN; US's largest crypto exchange; 108M+ customers; 60-65% US crypto exchange trading volume; 6.9% global)
- **[Kraken](https://docs.barcoder.ai/docs/wallets/kraken)** (Kraken Financial; US-registered; 13M+ registered users; Federal Reserve master account approved Mar 2026)
- **[OKX (centralized exchange)](https://docs.barcoder.ai/docs/wallets/okx-exchange)** (OKX; centralized + Web3; 120M+ customers year end 2025; ~16.19% global CEX volume; Seychelles-registered)
- **[Crypto.com (Crypto.com Pay + Visa Card)](https://docs.barcoder.ai/docs/wallets/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](https://docs.barcoder.ai/docs/wallets/binance) (World's largest crypto exchange by trading volume rival; 300M+ users; 41.1% global spot Jun 2025) | [Coinbase](https://docs.barcoder.ai/docs/wallets/coinbase) (US's largest crypto exchange rival; 108M+ customers; NASDAQ-listed) | [Kraken](https://docs.barcoder.ai/docs/wallets/kraken) (US-registered crypto exchange rival; Federal Reserve master account approved Mar 2026) | [OKX (centralized exchange)](https://docs.barcoder.ai/docs/wallets/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** <sup>[1][1], [3][3]</sup>:
- **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]: https://coinlaw.io/bybit-statistics/ "Bybit Statistics 2026: Secrets in the Data — CoinLaw"
[2]: https://www.bybit.com/ "Bybit — official"
[3]: https://coinmarketcap.com/exchanges/bybit/ "Bybit trade volume and market listings — CoinMarketCap"
[4]: https://coinlaw.io/cryptocurrency-derivatives-market-statistics/ "Cryptocurrency Derivatives Market Statistics 2026: Shocking Surge — CoinLaw"

- [1] [Bybit Statistics 2026: Secrets in the Data — CoinLaw][1]
- [2] [Bybit — official][2]
- [3] [Bybit trade volume and market listings — CoinMarketCap][3]
- [4] [Cryptocurrency Derivatives Market Statistics 2026: Shocking Surge — CoinLaw][4]
- [crypto-cro] In-corpus: `reports/countries/CRYPTO-global.md`

## Source

Biography extracted from [bybit.md](https://docs.barcoder.ai/source/wallets/bybit). See `matrix.md` for standards-support matrix if present.