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Bybit CEO: Embrace Crypto or Become Obsolete
23 Jan
Summary
- Digital assets are increasingly mainstream, with governments and finance institutions adopting cryptocurrencies.
- Stablecoin transactions in 2025 exceeded $18 trillion, surpassing traditional payment platforms.
- Bybit relocated from Shanghai to Singapore and then Dubai due to crypto-friendly regulations.
Bybit CEO Ben Zhou believes traditional finance must embrace digital assets or face obsolescence, highlighting a 20-30% annual growth in crypto wallet adoption. He noted that stablecoins settled over $18 trillion in transactions in 2025, surpassing major payment networks like Visa and Mastercard. Zhou, who founded Bybit in 2018, previously worked in Forex trading and faced initial skepticism about Bitcoin. He relocated Bybit from Shanghai to Singapore and later to Dubai to leverage crypto-friendly regulations.
Despite facing a $1.4 billion Ethereum hack from North Korean hackers on February 21, 2025, which led to significant customer withdrawals, Bybit implemented an industry-first bounty program. Although the stolen funds were not recovered, the exchange secured financing to restore reserves and has since bolstered security with hardware security modules (HSMs). Zhou acknowledges the speed of crypto transactions presents challenges for tracking scams but remains optimistic about technological advancements and increased cybersecurity involvement.
