Bybit has become the world's second-largest cryptocurrency exchange, second only to Binance

According to ChainCatcher news and a report from cryptocurrency research firm Kaiko, Bybit surpassed Coinbase in March this year to become the world's second-largest cryptocurrency exchange, second only to Binance. The launch of a spot Bitcoin ETF in the U.S. helped Bybit's market share double from 8% in October 2023 to 16% in March. In contrast, Coinbase only saw a slight increase of 1% during the same period.

The report also noted that Bybit experienced significant growth after the U.S. Commodity Futures Trading Commission filed a lawsuit against Binance in March 2023. Kaiko data shows that Binance's market share dropped from 60% in October last year to 54% in March. Bybit attracted more users through low trading fees and an expanding range of derivative products, further increasing its market share. Bybit was founded in Singapore and has since relocated its headquarters to Dubai.