Bybit

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2024: Bybit beats Coinbase to become world's second-largest crypto exchange

At the end of June 2024, the Bybit cryptocurrency exchange came in second in the world in terms of trading volume, beating Coinbase. Significant growth was achieved due to the active attraction of customers of the bankrupt FTX platform, as well as users from Europe and Russia.

Bybit co-founder and CEO Ben Zhou said its exchange was able to bridge the gap left by the FTX with a service that allows digital tokens to be used as collateral for margin trading. As a result, according to the estimates of the analytical firm Kaiko, the share of Bybit from October 2023 to June 2024 in the volume of trading doubled, reaching 16%. The company was able to bypass the American leader Coinbase Global. In spot and derivative deals, Zhou's platform is second only to Binance Holdings.

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Bybit

By mid-2024, Europe is Bybit's largest market, accounting for 30% to 35% of trading volume, Zhou said. About a fifth is provided by the CIS, in which Russia is the largest player. However, due to the formed geopolitical situation, Bybit has to comply with "very strict sanctions rules." According to the South China Morning Post, the company has representative offices in Dubai, Singapore and Hong Kong, and in August 2024 will open its first European office: it will be located in the Netherlands. Plus, Bybit is going to open a representative office in Georgia, seeking to issue the necessary license.

The Kaiko study also says that by June 2024, the share of Binance decreased to 54%, while in October 2023 it was approximately 60%. For Coinbase, over the same period, the figure rose from 7% to 8%, and for OKX - from 5% to 7%. At the same time, the cryptocurrency exchange Upbit passed positions from 9% to 4%.^[1]

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