The crypto exchange ByBit has been in the spotlight recently as its grip on the spot market has grown. ByBit is on pace to be the second-largest spot exchange by volume for the fifth month in a row, accounting for 10.6% of volumes across exchanges, its highest market share ever. In September 2022, its share was just 3%.

ByBit’s newfound dominance has come from a steady rise, with its market dominance starting to grow in mid-2023.

The CEO of ByBit, Ben Zhou, attributes some of its growth to its role in providing an exchange for former FTX customers, allowing users to trade crypto on margin and being available in similar regions.

ByBit has taken other victories recently, like the ByBit debit card being supported by Apple Pay and allowing Chinese users who live outside their …