Bybit CEO Ben Zhou discusses a potential partnership with a major U.S. broker to accelerate market entry.
BYBIT SEEKING BIG BROKER ALLIANCE TO CHALLENGE ROBINHOOD IN THE U.S.
*Bybit CEO Ben Zhou says a partnership with an established U.S. broker is the fastest route to market. The strategy sidesteps a costly state‑by‑state licensing race and positions the exchange against Robinhood and Coinbase.*
Bybit’s CEO Ben Zhou announced a decisive shift in the exchange’s U.S. expansion plan. Rather than building a standalone operation, Bybit will hunt for a heavyweight broker partnership to rival Robinhood’s crypto push. The move is a calculated bypass of the grueling state‑by‑state licensing marathon that rivals like Coinbase are enduring. Zhou cites Interactive Brokers as a template partner—an institution with a deep U.S. client base but no crypto footprint. Bybit’s global footprint already spans over 80 million users in more than 180 jurisdictions, and the firm is amassing licenses worldwide to roll out regulated products. The partnership model promises immediate market access, a ready user pool, and a clear regulatory path, positioning Bybit to strike at the heart of the U.S. retail crypto market.
Why is Bybit targeting broker partnerships in the U.S.?
Bybit, the second‑largest crypto exchange by trading volume, wants to leverage an existing broker’s client base to jump‑start its U.S. presence. CEO Ben Zhou says the firm will consider partners like Interactive Brokers, or any broker with a solid U.S. footprint that has not yet entered crypto. The goal is to “take on Robinhood” by offering crypto services through a familiar platform. Zhou argues that a partner already licensed to handle money transfers can bypass the two‑to‑three‑year state‑by‑state licensing process that Coinbase is pursuing. The partnership model promises immediate market access and a ready pool of potential users.
How does Bybit's partnership model differ from Coinbase's licensing path?
Coinbase is pursuing a granular approach: securing money‑transfer licenses in each state and ultimately a New York Bit License. Zhou estimates that route would take two to three years. Bybit, by contrast, plans to pair with a broker that already holds the necessary licenses, eliminating the need for a piecemeal rollout. Zhou also hints at waiting for the pending Clarity Act or a potential SEC‑led single‑regulator framework, which could further simplify federal licensing. Bybit’s clean record in the U.S.—it has never operated there—means it can enter “any time if the moment is right,” according to Zhou, without the regulatory baggage that a direct entry would entail.
What is the outlook for Bybit in the U.K. market?
Zhou identifies the United Kingdom as a “pretty good market” with a nascent crypto regime and no dominant global exchange. He notes that Coinbase is the main player but that the market remains untapped. Bybit is exploring a U.K. office but has not finalized a location. The cost of entry, Zhou says, mirrors the effort required for a MiCA license in the EU, suggesting a high regulatory hurdle. Nonetheless, Bybit is meeting with the Financial Conduct Authority and House of Lords members, signaling intent to secure the necessary approvals before launching its services.
What regulatory hurdles could reshape Bybit's U.S. entry?
The U.S. regulatory landscape is in flux. Zhou references the pending Clarity Act and the possibility of the SEC assuming sole oversight of crypto, which would replace the current patchwork of state licenses with a single federal permit. He also mentions that waiting for clearer law could be prudent, rather than rushing in under “FOMO.” Bybit’s strategy hinges on a partner that already complies with existing money‑transfer rules, allowing the exchange to sidestep the state‑by‑state process. If a unified federal framework emerges, Bybit could accelerate its launch, leveraging its clean U.S. record and the broker’s infrastructure.
Frequently asked questions
What broker is Bybit considering for a U.S. partnership?
Bybit is considering Interactive Brokers or a similar firm that has a strong U.S. client base and has not yet entered crypto.
How many users does Bybit have worldwide?
Bybit reports over 80 million registered users across more than 180 countries and regions.
When does Bybit plan to launch its 'everything app' in Europe?
Bybit aims to roll out the app offering derivatives and tokenized stocks in Europe in the first quarter of next year.
Bybit’s partnership gamble could reshape the U.S. crypto battlefield. If a broker like Interactive Brokers signs on, Bybit sidesteps years of licensing, leverages an existing client network, and positions itself as a credible alternative to Robinhood and Coinbase. The strategy banks on regulatory clarity and a clean U.S. record, turning patience into a competitive edge. The next months will reveal whether the broker alliance materializes or if the pending federal framework forces a different route.
Sources: CoinDesk article titled “Bybit will look for big broker partnerships to take on Robinhood in the U.S.”