Bybit will look for big broker partnerships to take on Robinhood in the U.S.

Bybit is a major crypto exchange trying to push further into regulated U.S. trading, where broker relationships matter because direct exchange access is not the only route to serving local users. The mention of Interactive Brokers points to a familiar model in which a crypto venue leans on an established brokerage rather than building every part of the stack itself. Robinhood is the benchmark in the U.S. retail trading market that Bybit is implicitly measuring itself against.

For users and builders, this kind of setup could mean a tighter link between crypto rails and stock trading infrastructure, with stablecoins sitting closer to equity access. That may change how accounts, funding flows, and product design are handled if Bybit succeeds in lining up a brokerage partner. It also puts more pressure on rivals that already bundle trading products for retail customers.

The larger tension is between crypto platforms trying to fit into traditional brokerage rules and the original promise of open, direct markets. A partnership-led U.S. entry can expand what a crypto exchange can offer, but it also pulls the product closer to the gatekeepers and compliance structures of Wall Street. This is a contest over who controls the customer relationship: an exchange, a broker, or both.

What remains open is whether Bybit can secure a named U.S. brokerage partner and what products that partner would actually allow. The available coverage does not say which firms are in talks, whether stablecoin-linked equity trading would be approved, or when any launch would happen. Those details would determine how far the plan goes beyond a stated ambition.