Crypto Exchange Bybit Grabs Global Spotlight in Void Left by FTX

A crypto exchange run by Bybit Fintech Ltd. has surged to second spot globally by trading volume after targeting former clients of the defunct FTX platform as well as users in Europe and Russia.

Dubai-based Bybit’s growth has been spurred by plugging the gap left by FTX with a service that allows digital tokens to be used as collateral for margin trading, co-founder and Chief Executive Officer Ben Zhou said in an interview.

“When FTX collapsed, we saw the opportunity,” said Zhou, referring to the bankruptcy of jailed Sam Bankman-Fried’s popular but fraudulent platform.

Bybit’s share of trading volume ...