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Bybit Surpasses Coinbase to Become World's Second-Largest Crypto Exchange Amid Binance's Regulatory Challenges

Jun 26, 2024

Bybit Surpasses Coinbase to Become World's Second-Largest Crypto Exchange Amid Binance's Regulatory Challenges
Bybit Surpasses Coinbase to Become World's Second-Largest Crypto Exchange Amid Binance's Regulatory Challenges
Bybit Surpasses Coinbase to Become World's Second-Largest Crypto Exchange Amid Binance's Regulatory Challenges

Bybit has recently surpassed Coinbase to become the world's second-largest cryptocurrency exchange by trading volume, according to a June 25 report by Kaiko. Since October, Bybit's market share has surged from 8% to 16%, overtaking Coinbase in March and consolidating its position after Binance's decline due to regulatory issues. Binance, which faced significant regulatory challenges including a $4.3 billion settlement with U.S. officials for Anti-Money Laundering violations, saw its market dominance decrease from 60% to 54% during the same period. Bybit's rise has been attributed in part to its competitive fee structure, including zero-fee trading for USDC stablecoin transactions introduced in February 2023, making it a favourable choice for traders seeking cost-effective options in the crypto market.