Dubai, Monday, July 1, 2024 – The Bybit Spot, operated by Bybit Fintech Ltd., secured the second spot among global cryptocurrency exchanges, reports on June 27, 2024, said.
The reports said that the achievement of the position resulted in increased trading volume aimed at the former customer base at the defunct FTX, including Europeans and Russians.
It is believed that the commitment of Bybit would bridge the gap left by FTX. Bybit is second only to Binance Holdings.
Meanwhile Kaiko data revealed the trading volume share of Bybit has doubled to 16% since October, outperforming Coinbase in the US.
Russia is the largest country where Bybit’s operations are most performed among the Commonwealth of Independent States (CIS).
Observers expect Bybit to move towards Europe as it is the largest market for Bybit.
Reports said that by August Bybit may open an office in the Netherlands.
Soon after the FTX decline in 2022, Bybit introduced a trading account enabling cross-margin trading with more than 160 tokens, offering unprecedented space on the crypto platform.
With the emerging awareness of cryptocurrency, Bybit also offered the overseas Chinese community to access to register and open accounts in early June.
