Bybit Plans U.S. Entry Via Broker Partnerships While Securing Dubai Spot Trading License
Bybit CEO Ben Zhou says the exchange will partner with a U.S. broker like Interactive Brokers to challenge Robinhood, while its Dubai entity gains a VARA spot trading license after a two-year provisional period.
Why it matters
Bybit's partnership strategy for U.S. entry reflects the regulatory complexity of state-by-state licensing, while its Dubai license adds to a growing roster of regulated jurisdictions. The exclusion of derivatives from the VARA license — unlike rivals Binance and OKX — limits Bybit's core product offering in a key market.
Where the sources disagree
VARA license issue date
June 20, 2026 (per VARA public register)
Finance Magnates Crypto, Unchained
Not mentioned in Bybit's October 22 announcement
Unchained, Finance Magnates Crypto
Finance Magnates and Unchained report the VARA public register shows a June 20, 2026 issue date, which Bybit's own announcement did not mention.
License description
Full VASP license for spot trading services
Bitcoin Insider, CoinGape
Exchange Services license limited to spot trading, excluding derivatives
Crypto.News, Finance Magnates Crypto, Unchained
Some sources describe the license as a 'full VASP license' while others specify it is limited to 'Exchange Services' for spot trading only.
Key facts
Bybit CEO Ben Zhou said the exchange will seek a partnership with a major U.S. broker such as Interactive Brokers to enter the American market and challenge firms like Robinhood.
Reported by CoinDesk
Bybit has over 80 million registered users worldwide across more than 180 countries and regions.
80,000,000 usersReported by CoinDesk
Bybit Fintech FZE secured a VARA Virtual Asset Service Provider license for spot exchange services in Dubai with an issue date of June 20, 2026.
Disputed figureReported by Bitcoin Insider
The Dubai VARA license covers spot trading only and does not include derivatives, which Bybit plans to seek through a separate approval process.
Reported by Crypto.News
Bybit plans to launch an 'everything app' in Europe offering derivatives and tokenized stocks as early as Q1 2027.
Reported by CoinDesk
Bybit considers the U.K. an attractive, untapped market for expansion.
Reported by CoinDesk
What happened
Bybit, the second-largest crypto exchange by volume with over 80 million users, plans to enter the U.S. market by partnering with an established broker such as Interactive Brokers rather than pursuing licenses independently, a process CEO Ben Zhou estimates could take two to three years. The firm is also targeting the U.K. as an untapped market and plans a European 'everything app' with derivatives and tokenized stocks in Q1 2027. Separately, Bybit's Dubai entity Bybit Fintech FZE secured a full VARA Virtual Asset Service Provider license for spot exchange services on June 20, 2026, after holding a provisional approval since August 2024. The license permits service to retail, qualified, and institutional investors but excludes derivatives, which Bybit says it will pursue through a separate approval process. The exchange reported five additional regulatory approvals in 2026 across the EU, Cayman Islands, Indonesia, South Africa, and El Salvador.
How the story developed
- First report
First report by CoinDesk
Bybit will look for big broker partnerships to take on Robinhood in the U.S.
- Update
Bybit announces U.S. partnership strategy and European expansion plans
CEO Ben Zhou outlines partnership approach for U.S. entry and Q1 2027 European 'everything app' launch.
- Official statement
Bybit secures VARA spot trading license in Dubai
Bybit Fintech FZE receives full VASP license for exchange services covering spot trading only.
- Independent corroboration
Independently corroborated by BTC-ECHO
Bybit will Robinhood angreifen: Krypto-Börse plant Expansion in die USA
- Mainstream pickup
Picked up by mainstream media (Finance Magnates Crypto)
Bybit Secures Full Dubai Licence for Spot Trading, but Derivatives Remain Out of Reach
- Update
VARA register shows license issue date of June 20, 2026
Public register records indicate the license was issued months before Bybit's public announcement.
- Update
Bybit held provisional VARA license since August 2024
A September 2024 register capture showed a pending license for the same entity under a different reference number.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 21 Oct 2026, 15:09 UTC: CoinDesk — 1 independent source, 1 reports
- 22 Oct 2026, 08:44 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 22 Oct 2026, 10:27 UTC: BTC-ECHO — 3 independent sources, 3 reports
- 22 Oct 2026, 12:39 UTC: Crypto.News — 4 independent sources, 5 reports
- 22 Oct 2026, 14:41 UTC: CoinGape — 5 independent sources, 6 reports
- 22 Oct 2026, 19:45 UTC: Finance Magnates Crypto, Mainstream media — 6 independent sources, 8 reports
- 23 Oct 2026, 04:24 UTC: Unchained — 7 independent sources, 9 reports
- 23 Oct 2026, 09:50 UTC: Cointelegraph — 8 independent sources, 10 reports
- 24 Oct 2026, 09:45 UTC: NewsBTC — 9 independent sources, 11 reports
Affected entities
Also mentioned: Base, Coinbase, El Salvador, Binance, OKX, Kraken, U.S. Securities and Exchange Commission
Original sources
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