The crypto exchange ByBit has been in the spotlight recently as its grip on the spot market has grown. ByBit is on pace to be the second-largest spot exchange by volume for the fifth month in a row, accounting for 10.6% of volumes across exchanges, its highest market share ever. In September 2022, its share was just 3%.

ByBit’s newfound dominance has come from a steady rise, with its market dominance starting to grow in mid-2023.

The CEO of ByBit, Ben Zhou, attributes some of its growth to its role in providing an exchange for former FTX customers, allowing users to trade crypto on margin and being available in similar regions.

ByBit has taken other victories recently, like the ByBit debit card being supported by Apple Pay and allowing Chinese users who live outside their home country to open accounts earlier this month.

But it has not been all rosy for ByBit in the wake of the FTX collapse. Like its peers, the exchange has faced regulatory challenges and exited both the Canadian and UK markets last year. However, Zhou noted expansion beyond Europe and highlighted Brazil, Turkey and Africa as future growth areas.

ByBit has consistently pulled ahead of some of its large Asia-centric peers for the past few months, such as Gate.io, HTX and OKX, but there is still quite a large margin between ByBit and Binance. Binance’s market share has faced some pressure as the exchange deals with the fallout of a sizable settlement with the U.S. Department of Justice and a CEO change. Its share of spot volume has fallen from 45.43% in March to 38.14%.

Right after FTX collapsed, many people predicted an array of exchanges could benefit from its user base. ByBit has seen the most sizable growth in dominance among spot exchanges since FTX went defunct in November 2022. While ByBit is unlikely to become the most dominant exchange by spot volume any time soon, it does seem to be emerging as the primary winner of the FTX fallout.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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