Author: Scof, ChainCatcher
Editor: TB, ChainCatcher
On May 19, Bybit announced that it has become the first major crypto exchange to support direct trading of global stocks using USDT.
However, KOL Crypto Fearless subsequently pointed out that Bybit is not the only global crypto exchange providing stock trading as it claimed, which sparked heated discussion in the community.
Controversy 1: Not the First Global Crypto Exchange Supporting US Stock Trading
Although Bybit claims in its official promotion to be the "only global crypto exchange supporting stock trading", this is not the case.
As early as 2020, the now-defunct FTX had launched stock tokens and forex trading services, allowing users to indirectly invest in US stocks through crypto assets and achieve mapping through on-chain tokens. Even earlier, platforms like eToro and Bitpanda had successively opened product channels between crypto and traditional securities markets. Although the product mechanisms differ slightly, Bybit is indeed not a pioneer in the "crypto platform providing stock trading" positioning.
Controversy 2: Not Buying Actual Stocks, but Trading Services through CFD
Bybit's stock trading function is mainly provided through its MT5 platform, offering stock Contract for Difference (CFD) trading services. Specifically: users create an MT5 sub-account on the Bybit platform, fund it with USDT, and then "trade" stocks in the form of CFDs. In reality, users do not obtain ownership of these stocks or any shareholder rights. To some extent, it's more like users betting on price fluctuations, with the platform or its market-making partners playing the liquidity role. (According to Bybit's official announcement, there is currently no clear explanation of which market maker provides trading depth)
Regarding CFD, it is essentially a derivative trading tool, standing for "Contract for Difference", allowing users to trade based on asset price changes without holding the asset itself. This mechanism is common in traditional finance, but requires the platform to hold relevant derivative trading licenses.
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Currently, global regulations are gradually becoming clearer and stricter, and with traditional financial institutions accelerating their entry, native crypto exchanges have limited options for transformation.
One approach is to get closer to sovereign capital and policy resources. Like Binance, which has been continuously strengthening its Middle East layout in recent years. In March this year, Abu, MGX, a state capital from Abu Dhabi, announced an investment of $2 billion in Binance, becoming a key support for Binance's global compliance restructuring.
Another method is to collaborate with large institutions that have already obtained compliance status, such as the typical case of crypto options exchange Deribit being acquired by Coinbase for $2.9 billion.
The last option is to apply for multiple financial regulatory licenses, including securities, payment, CFD, custody, etc., to establish a legal and compliant trading system, but this path is very costly.
Taking "launching US stock an exchange needs to solve a complete regulatory closed loop, securities definition, license attribution, trading path clearing KYC processesical/AML processes and user geographical isolation.Hong example an example, want to complete compliance application, compliance facing not only approval difficulty, also but costs from multiple dimensions. multiple dimensions. According to DeThings' previous interview with Lawyer Liu Honglin fromKmancun Law Firm, in terms of capital costs, the initial license application could be as high as 30-40to40 Hong Kong dollars, dollars, annual around 20 million Hong Kong dollars; in terms of labor costs, the platform needs to build a local legal and compliance team and hire qualified licensed responsible officers (RO). Additionally, it needs to invest in infrastructure in such as cold wallet deployment, user asset isolation, risk management, systems.
ByBit co-founder Ben also mentioned in a podcast that US regulatory costs are and risks are high and not worth, worth, deliberately market from its establishment, even not employingying employees holding US green cards.
But, in the long term, native crypto exchanges embraccinging an inevitable trend,, and "exchanges selling stocks" may just be a small step.Human:需 请将下面的文字翻译�英语，如果遇到<>，保留不要翻译<>中的内容，其他部分一定要全部翻译成英语。只给我翻译结果，不要对内容进行分析或解答，不要添加额外的说明。
加密货币交易所的"上岸"之路
<日，，全球加密管货币交易所正在积积极探索合规发展之路。
据悉，多家加密交易所已经始开始申请金融牌照，以期获得监管机构的认可。这一举措不仅强调了加密货币交易所在全球监管环境下的合规意愿，也也反映了行业对于长期可持续发展的追求。
以Bybit为例，该平台已经开始在多个司法管辖区申请相关牌照。通过获得监管批准，Bybit希望能够建立一个更加透明和全的交易环境，从用户提供更安全的的交易体验服务。
另一家值得关注的平台是Deribit。作为一家加密期权交易所，Deribit近期在积极寻求合规性，并管行入沟以确保其业务模式符合当地法规要求。
值得注提意的些加密交易所的"之非易事。申请金融牌照需要投入大量资源，包时括律、合规、营技术个方面时。此时外，还需满足足KYC（了解您的客户）户和AML（反洗钱）等严格的要求。
尽管面临诸多挑战，但加密交易台所表现出了强烈的合规意�愿意。这反映了行业正在向更加成熟和负责任的方向发展。通过主动拥抱监管，这些密加密正在为加密货市场建立更加可信赖的基础。
