Bybit CEO Ben: What Defines an Exchange's Competitive Edge?

This episode features a fireside chat at Paris Blockchain Week 2026 between Brian McGleenon, Global Head of News at BeInCrypto, and Ben Zhou, Co-Founder and CEO of Bybit.The conversation focuses on the accelerating convergence of crypto and the global financial system. Ben argues that exchanges used to compete mainly on execution and liquidity, but over the past three years the real edge has shifted to compliance, licensing, and global distribution. As stablecoins, tokenized assets, smart contract-based payments, and 24/7 markets gain traction, crypto platforms are evolving from trading venues into financial infrastructure connecting capital, assets, and users worldwide.For traditional financial institutions, the appeal is not necessarily direct crypto exposure. It is the ability to use crypto rails for cross-border allocation, asset tokenization, portfolio diversification, and yield enhancement.Ben also compares the regulatory landscape across jurisdictions. In his view, the EU is ahead in tokenization, the UAE has attracted a large number of crypto firms through a more pragmatic regulatory approach, and the US remains the key variable for large-scale institutional adoption. The UK, meanwhile, appears to be taking a more constructive stance.On DeFi, Ben says the sector is still in a regulatory "honeymoon phase," but will likely face clearer rules over time, much like centralized exchanges did. On AI Agent payments, he sees strong interest, but believes the space remains largely focused on data access and analytics rather than large-scale transaction execution.Text summary: LinkTimeline: 00:00 Intro: Crypto merges with global finance as exchange competition shifts to compliance and licensing01:06 The new role of crypto platforms: global distribution rails for assets and users03:02 Is TradFi ready for stablecoins, agent payments, and RWAs?04:51 Why distribution is becoming crypto's most valuable infrastructure layer07:34 TradFi still resists the "crypto" label, but embraces the underlying rails09:33 Comparing global regulation: the EU, UAE, and US each take a different path12:14 US regulatory clarity will determine when major institutions scale in15:08 DeFi is still in a "honeymoon phase"; DEXs and tax may be the first targets18:09 AI Agent account use cases: strong demand for analytics, limited trading execution for now