Bybit, the second-largest cryptocurrency exchange by trading volume, is preparing a measured approach to the U.S. market through potential partnerships with established brokers rather than pursuing lengthy state-level licensing on its own. Chief Executive Ben Zhou indicated that collaborating with firms already serving American clients offers a practical path forward while the company monitors regulatory developments.

Zhou pointed to Interactive Brokers as one example of the type of partner Bybit might pursue. He stressed that any collaborator should already maintain a solid U.S. customer base and an interest in expanding into crypto services. No formal agreement has been announced, and the exchange has set no launch timeline for American operations.

Licensing Timeline and Regulatory Outlook

Obtaining money transmitter licenses across individual U.S. states could require two to three years, according to Zhou. Bybit prefers to wait for greater clarity, including possible passage of the Digital Asset Market Clarity Act or broader federal rules that might consolidate oversight under a single regulator such as the Securities and Exchange Commission.

The Senate voted 49-50 against cloture on a motion to proceed with the Clarity Act on September 15, preventing further consideration of the bill at that time. Zhou described a potential framework of one federal regulator and one license as an appealing model, though he noted it remains hypothetical rather than current law.

Bybit has maintained a clean regulatory record in the United States by remaining outside the market until now. Zhou said this position allows the company to enter when conditions are most favorable rather than rushing in response to competitive pressure. He characterized the U.S. market as highly competitive and saturated, with established players including Coinbase and Robinhood already holding strong positions.

European Expansion and UK Exploration

While evaluating U.S. options, Bybit is advancing concrete plans in Europe. The exchange intends to introduce an application offering derivatives and tokenized stocks as early as the first quarter of 2027. This follows Bybit’s broader effort to secure licenses across multiple jurisdictions and expand its range of regulated products.

The company is also examining opportunities in the United Kingdom. Zhou described the UK as a relatively untapped market where no global exchange currently dominates, though Coinbase maintains a presence. He noted that the cost of entry remains high and comparable to obtaining a Markets in Crypto-Assets license in the European Union. Bybit has held discussions with UK bodies including the Financial Conduct Authority and members of the House of Lords, and the firm is considering a London office location without a final decision yet.

Bybit reports more than 80 million registered users across over 180 countries and regions. Its strategy of partnering locally when entering new territories has become a standard practice for the exchange as it continues to build a global regulatory footprint.