Bybit will look for big broker partnerships to take on Robinhood in the U.S.

Bybit, a leading global cryptocurrency exchange, is strategizing to enter the U.S. market and compete with established players like Robinhood Markets. The company's CEO, Ben Zhou, revealed that Bybit will seek out a local partner to help navigate the U.S. cryptocurrency landscape. Zhou suggested that partnering with a firm already present in the U.S. with a significant client base could be the best approach.

Interactive Brokers, a well-known U.S. broker, was cited as a potential partner. Bybit's global presence, with over 80 million registered users across 180 countries, has led the company to pursue a licensing strategy that avoids the lengthy state-by-state process pursued by competitors such as Coinbase. Instead, Bybit aims to obtain a federal license through the anticipated passage of the Clarity Act.

Zhou believes that Bybit's status as a newcomer to the U.S. market provides an advantage, as it has a clean record and can enter the market at the opportune moment. While Southeast Asia, Latin America, and Africa present competitive markets, the U.K. has emerged as a promising alternative for Bybit's growth strategy. The U.K. is developing a new regulatory framework for cryptocurrencies, and currently, no major global exchange dominates the market.

Although the cost of entering the U.K. market may be high, similar to acquiring a MiCA license in the EU, Zhou is actively exploring opportunities in this untapped market. Recently, Zhou met with government-linked entities, including the Financial Conduct Authority and members of the House of Lords, to discuss potential partnerships. Zhou mentioned that Bybit is in the process of establishing a London office.