Bybit

Ben Zhou, Phillip Li, and Stuart Cheeseman launched Bybit in 2018 to solve the speed and liquidity issues plaguing early cryptocurrency exchanges. The team built a matching engine capable of processing over 100,000 transactions per second, which quickly made the platform a favorite among professional traders looking for high-performance derivatives trading. Originally founded in China, the company relocated its operational headquarters to Dubai to navigate a more favorable regulatory environment while maintaining global reach.

The exchange has evolved significantly since those early days. In October 2026, Bybit introduced trading for more than 1,000 U.S. stocks and ETFs using USDC as collateral. This launch marked a strategic shift toward becoming a comprehensive financial platform that unifies crypto, traditional equities, and macro assets under one interface. Users can now access yield products and spend digital assets globally through the Bybit Card.

Despite its massive growth to over 80 million users across 241 countries, the platform faced a catastrophic security breach in February 2025. Hackers stole $1.5 billion in digital assets, creating the largest cryptocurrency heist on record. While Bybit continues operations and has implemented new security protocols, the incident remains a defining moment in its history and a stark reminder of risks within centralized exchanges. [edit]