⦿ 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.

⦿ Key Developments

• 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.

⦿ Strategic Context

• 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.

⦿ Strategic Implications

• 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.

⦿ Risks & Constraints

• 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.

⦿ Watchlist / Forward Signals

• 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.