Bybit Abandons Crypto Exchange Model to Become Connected Financial Platform

Bybit CEO Ben Zhou says the era of pure Crypto Exchanges is fading as traders increasingly want to access multiple financial markets in one place. Bybit's 'Make Your Move' campaign presents the company as a connected financial platform, bringing together crypto, stocks, gold, forex, indices, and derivatives with tools for payments, savings, and wealth growth.

The move reflects how the Crypto Exchange business has changed since Bybit began with crypto derivatives, according to Zhou. The company already provides derivatives linked to stocks, gold, and indices, alongside forex, offering price exposure without ownership of those assets.

Bybit serves more than 80 million registered users across 181 countries and regions, with over 442 spot assets and 235 traditional-market instruments through its TradFi and RWA offerings. The company is pairing its Crypto Exchange expansion with everyday finance services, including Bybit Pay for direct crypto transfers, Bybit Card linking digital assets to daily spending, and Bybit P2P providing local fiat and crypto access through 48,000 active merchants.

Bybit's repositioning arrives as established operators pull back. BitMEX ended trading on Wednesday after 11 years, and CoinEx announced a wind-down this month, citing falling trading volumes and rising compliance costs. Coinbase is also moving beyond the traditional Crypto Exchange format through its 'Everything Exchange' strategy, adding stocks and prediction markets beside crypto.