Bybit Becomes The World's Second Largest Crypto Exchange After FTX Collapses

JAKARTA - After the collapse of FTX, Dubai-based crypto exchange Bybit has won its second-largest crypto exchange position in the world by trading volume. A report from Bloomberg highlights this rapid rise as part of the ongoing crypto market recovery and a growing regulatory landscape change.

Quoted from Coin Speaker, founder and CEO of Bybit, Ben Zhou, revealed that they saw a great opportunity when FTX failed. When FTX collapsed, we saw an opportunity, Zhou said. Bybit's strategy to attract FTX users and expand its user base in Europe and Russia is key to their success.

The unique margin trading service of Bybit, which allows more than 160 tokens as collateral, also boosts their growth. This is something no one has, Zhou added. Since October, Bybit's market share has doubled to 16%, surpassing US-based Coinbase in March, based on data from Kaiko. Currently, Bybit is only under Binance in terms of spot transactions and derivatives.

Bybit's latest success reflects the overall recovery of the crypto market. Bitcoin prices have doubled over the past year, driven by the ETF. This recovery marks a significant rebound from the bearish market and the 2022 scandal, including the collapse of FTX.

This crypto exchange takes advantage of a positive trend by offering innovative features. Their cross-margin trading account allows users to take advantage of unrealized profits for new positions, attracting traders looking for profits in a recovering market.

Europe remains the largest market for Bybit, accounting for 30-35% of total volume. Independent Commonwealth countries (CIS), especially Russia, account for about 20%. However, Bybit faces challenges in Russia, where crypto use is closely watched for due to potential violations of sanctions related to the Ukraine war.