Bybit CEO says era of pure crypto exchanges is ending

"The people who trade crypto also want stocks, gold, forex, indices, and derivatives," Zhou said. "They want to pay, save, and grow their wealth in the same place." This sentiment underpins Bybit's new global campaign, "Make Your Move," which aims to position the exchange as a comprehensive financial hub. The platform already provides derivatives that offer price exposure to stocks, gold, indexes, and forex without direct ownership of the underlying assets.

Bybit's strategic shift occurs as several established cryptocurrency exchanges face challenges. BitMEX ceased trading operations after 11 years, while CoinEx announced its intention to wind down this month, citing declining trading volumes and increasing compliance costs. BitMart had also announced closure plans in July but is now reportedly exploring a restructuring to potentially resume some operations.

In parallel, competitor Coinbase is expanding its services under an "Everything Exchange" strategy, incorporating stocks and prediction markets into its crypto offerings. "The next generation of financial platforms won’t be built around a single asset class," Zhou added.