Bybit has achieved a significant growth milestone as it surpasses 20 million registered users, the crypto exchange announced in an official statement released on Tuesday, November 28, 2023.
The Dubai-based exchange, founded in 2018, has rapidly grown to become one of the world’s largest crypto trading platforms. The exchange attributes its success to constant innovation, including introducing trading bots, options trading, and copy trading features on its platform.
“Reaching 20 million registered users represents the enthusiasm of a community that believes in the potential of crypto,”
said Ben Zhou, Bybit’s co-founder and CEO.
The exchange also emphasized its commitment to regulatory compliance and “prudent risk management” practices as one of its forte. Bybit holds operational licenses in the UAE, Cyprus, and Kazakhstan.
However, the company is now facing scrutiny from US regulators. Last week, top US exchange Coinbase reportedly began notifying some users that it received a subpoena from the Commodity Futures Trading Commission (CFTC) regarding an investigation into transactions between Bybit and Coinbase customers.
The subpoena reportedly seeks information on transactions between Bybit and Coinbase customers to determine whether Bybit allowed US residents to trade on its platform. Bybit officially banned US users in 2021 to avoid regulatory issues but had previously served US customers.
As Bybit celebrates its remarkable growth, its future trajectory may depend heavily on its ability to navigate the intensifying regulatory pressure from financial regulators worldwide.
Zhou also restated the exchange’s commitment to its users and revealed the plans to introduce more innovative features and services in the near future. He described Bybit’s desired role in the public space, stating, “We are more than just a trading platform; we are the Crypto Ark and a gateway to Web3: the next generation of the internet.”
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