I asked Grok and he said the experienced driver was right; Bybit is indeed in an extremely cautious phase for the sake of obtaining a license.

I think this matter is quite representative: CEXs are giving up some capabilities that were once considered very important to maintain the ability to exist under a regulated world.

In recent years, compliance has almost become the core element and top priority for all CEXs!

In 2023, Binance reached a settlement of over $4 billion with the U.S. DOJ, related to AML, unlicensed remittance, and sanctions compliance; OKX also pleaded guilty to U.S. AML-related issues in 2025 and paid over $500 million in fines, leading the way through the storm.

So everyone realizes that the more fundamental indicator of whether one can live long-term and stably within a regulatory framework has started to become important:

For example: Are there clear boundaries for the regions it serves? Is KYC/AML a long-term system rather than a temporary fix? Does it have verifiable licenses, reserve proofs, and risk control mechanisms? Does it proactively adjust in response to regulatory changes, or does it merely react?

So Bybit is now slowing down, and my understanding is that it is finding a foothold for this scarce capability amid the chaos.

I wonder if my understanding is correct @Bybit_ZH @benbybit @BybitMartin

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