Bybit took part in Solana Breakpoint 2025, the network’s annual global conference held in Abu Dhabi from 11 to 13 December. The exchange was represented by its CEO and co-founder, Ben Zhou, who joined Lily Liu, President of the Solana Foundation, for a fireside discussion on the future direction of the crypto sector. The session took place on 12 December, shortly after Bybit marked its seventh anniversary, which Zhou described as a sign of steady growth during a period of change across the industry.
Licensing and compliance
Zhou said the past two years have seen a clear shift in Bybit’s priorities, with a strong focus on regulation. “This year for me is really focused on compliance and getting licensed,” he said. He explained that Bybit was “one of the early exchanges to secure a license from the UAE’s Securities and Commodities Authority (SCA)” and has also obtained approval under Europe’s MiCA framework. He added that several Southeast Asian markets, including Thailand, Vietnam and Indonesia, are moving towards wider crypto adoption.
Zhou said regulation supports trust and access. “The role of the exchange now is really how do we connect to the local banks and become the place for people that haven’t been onboarded into crypto,” he said.
Payments and access in developing markets
Zhou pointed to growing use of Bybit in Latin America, the CIS region and Africa. He said that in some underbanked regions, crypto platforms now serve a similar role to banks. “In several markets where Bybit holds local regulatory approvals, users often rely on crypto exchanges much like banks. We give them a crypto card they can use, and at the same time they have an earn program and can even buy structured products,” he said.
He noted that wider payment access supports real-world use cases and continues to drive growth in user numbers.
Byreal and decentralised trading
Zhou also spoke about Byreal, the decentralised exchange supported by Bybit and built on Solana. He said liquidity is its main strength. “We want to make sure that the DEX has really good liquidity,” he said, adding that trading volume is already “being routed to Byreal because the liquidity and the spread is quite good.”
He explained that Bybit has adjusted its product range over time. The company closed its wallet project after reviewing user behaviour. “I don’t see a competitive stickiness on wallets,” he said, noting that users often switch wallets based on incentives rather than long-term use.
Zhou said decentralised exchanges show stronger long-term demand. “DEX is where trading happens,” he said, pointing to a wider shift of liquidity, including derivatives trading, from centralised platforms to decentralised venues such as Hyperliquid. He said this supports Byreal’s focus on liquidity depth and trade execution.
Zhou concluded by restating Bybit’s approach of combining regulatory compliance with product development across decentralised markets. He said the exchange’s seven-year history reflects its focus on stability, user growth and the ability to adapt as market conditions change.
