Bybit CEO Ben: What Defines an Exchange's Competitive Edge?

⦿ Executive Snapshot

What: Bybit CEO Ben Zhou discusses the shifting competitive landscape for crypto exchanges at Paris Blockchain Week 2026.
Who: Ben Zhou, Co-Founder and CEO of Bybit; Brian McGleenon, Global Head of News at BeInCrypto.
Why it matters: The conversation highlights how compliance, licensing, and global distribution are becoming critical for crypto exchanges, as they evolve into financial infrastructure connecting global capital and assets.

Ben Zhou emphasizes that the focus of crypto exchanges has shifted from execution and liquidity to compliance and licensing over the past three years.
Bybit has secured licenses in multiple countries, including Turkey, Brazil, Indonesia, Thailand, and the EU, enhancing its global distribution capabilities.
Traditional financial institutions are increasingly collaborating with crypto exchanges like Bybit to leverage their infrastructure for tokenization and asset distribution.

The crypto industry has evolved from a trading-centric model to a technology-driven approach that connects global finance, breaking down regulatory barriers.
Regulatory frameworks are maturing globally, with the EU leading in tokenization, while the US faces challenges due to a lack of clarity in its regulatory environment.

The immediate implication is that crypto exchanges must adapt to a compliance-first model to stay competitive in a rapidly evolving market.
Long-term, the adoption of crypto technology by traditional finance could lead to significant shifts in how assets are managed and traded across borders.

Potential risks include regulatory uncertainties in the US that could hinder institutional adoption and investment in crypto assets.
Competition from traditional financial institutions that may develop their own solutions to counter the offerings from crypto platforms.

Future developments in the regulatory landscape, especially in the US, that could signal a shift towards broader institutional adoption of crypto.
The success of partnerships between crypto exchanges and traditional financial institutions that leverage crypto infrastructure for asset tokenization and distribution.