Bybit review
Bybit is a centralized cryptocurrency exchange founded in Singapore in 2018 by Ben Zhou, who remains CEO; it later relocated its headquarters to Dubai. It is best known as a derivatives-led platform, offering spot, perpetual futures, margin, copy trading and staking across 425+ cryptocurrencies. On February 21, 2025, Bybit suffered the largest crypto exchange hack on record: attackers compromised a third-party multisig signing process and stole roughly $1.5 billion in ether, an incident the FBI attributed to North Korea's Lazarus Group. Bybit covered the shortfall with emergency bridge financing and resumed normal operations within hours. The exchange is not licensed for US, Chinese, Hong Kong, Singaporean or Canadian users, but has since built out MiCAR authorization in Austria for the EU and a UAE Virtual Asset Platform Operator license.
Bybit key facts
- Website: www.bybit.com
- Category: Centralized cryptocurrency exchange (CEX), derivatives-focused
- Founded: 2018, in Singapore, by Ben Zhou
- Headquarters: Dubai, UAE (relocated from Singapore, 2022)
- Regulatory status: Excluded: US, China, Hong Kong, Singapore, Canada; MiCAR-authorized via Bybit EU GmbH (Austria); UAE Virtual Asset Platform Operator license (Dec 2025)
- Major security incident: Feb 21, 2025: about $1.5B in ETH stolen, the largest exchange hack on record, attributed by the FBI to North Korea's Lazarus Group
- Products: Spot, perpetual futures/derivatives, margin, copy trading, staking/Earn, Bybit Card
- Trading fees: Spot around 0.10% maker / 0.18% taker; derivatives from about 0.02% maker / 0.055% taker, both reduced at higher VIP tiers
- Supported assets: 425+ cryptocurrencies across roughly 585 trading pairs
- CEO: Ben Zhou
- FYI Score: 92.1/100 (ranked #3 of the 48 crypto exchanges we track)
Trading fees
- Spot trading fees around 0.10% maker / 0.18% taker for regular users
- Derivatives/perpetuals fees start lower, around 0.02% maker / 0.055% taker
- VIP tiers based on 30-day trading volume reduce both spot and derivatives fees further
- Withdrawal fees vary by asset and network congestion; deposits are generally free
Supported assets & products
- 425+ cryptocurrencies across roughly 585 trading pairs
- Perpetual futures and derivatives are the exchange's core product, alongside spot and margin trading
- Copy trading, trading bots, and Bybit Earn/staking products
- 7 fiat currencies and 8 stablecoins supported directly on-platform, per third-party exchange trackers
Security & regulation
- On February 21, 2025, attackers compromised a third-party (Safe{Wallet}) multisig transaction-signing process and stole about $1.5 billion in ETH, the largest crypto exchange hack on record; the FBI attributed it to North Korea's Lazarus Group ("TraderTraitor")
- Bybit secured emergency bridge funding from Galaxy Digital, FalconX and Wintermute and resumed normal operations within about 12 hours; no client funds were reported lost
- Not available to users in the US, China, Hong Kong, Singapore, Canada or sanctioned jurisdictions
- Bybit EU GmbH holds MiCAR authorization via Austria's FMA; a UAE Virtual Asset Platform Operator (VAPO) license followed in December 2025
- Exited the UK in 2023 following FCA restrictions on retail crypto derivatives; re-entered later via a partnership with FCA-authorized Archax, offering spot and P2P only
Fiat & payments
- P2P trading and third-party payment partners provide fiat on/off-ramps in supported regions
- Direct fiat currency support is comparatively limited next to the largest exchanges
- Settled a $228 million lawsuit from the FTX bankruptcy estate over preference payments in October 2024
Markets
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Who Bybit is for
Bybit suits derivatives-focused traders outside its excluded jurisdictions who are comfortable with an offshore-domiciled exchange. Its fast, well-funded recovery from the 2025 hack is reassuring, but prospective users should weigh that incident and the exchange's still-developing regulatory footprint against more established, longer-licensed alternatives.
Pros
- Deep derivatives liquidity and a broad perpetual futures product set
- Wide asset coverage: 425+ coins across roughly 585 trading pairs
- Responded to the February 2025 hack with rapid, well-funded emergency financing, restoring normal operations within about 12 hours and reportedly no client fund losses
- Expanding regulated footprint: MiCAR authorization in the EU (Austria) and a UAE VAPO license as of December 2025
Cons
- Suffered the largest crypto exchange hack on record in February 2025, with about $1.5 billion in ETH stolen via a compromised third-party signing process, attributed by the FBI to North Korea's Lazarus Group
- Not licensed for users in the US, China, Hong Kong, Singapore or Canada
- History of exiting and re-entering the UK market following FCA warnings over unauthorized promotion of derivatives to retail customers
- Settled a $228 million FTX bankruptcy estate lawsuit in October 2024
- Regulatory footprint, while growing, remains thinner than the most established, longest-licensed peers
Bybit FAQ
Is Bybit safe?
Bybit suffered the largest crypto exchange hack on record on February 21, 2025, when attackers compromised a third-party multisig signing process and stole about $1.5 billion in ETH; the FBI attributed the theft to North Korea's Lazarus Group. Bybit covered the shortfall with emergency financing from Galaxy Digital, FalconX and Wintermute and resumed normal operations within about 12 hours, with no reported client fund losses. The exchange also publishes proof-of-reserves data.
Is Bybit regulated?
Bybit's regulatory footprint is expanding but remains partial. Bybit EU GmbH holds MiCAR authorization via Austria's Financial Market Authority, covering the EEA, and Bybit obtained a UAE Virtual Asset Platform Operator license in December 2025. It is not licensed for users in the US, China, Hong Kong, Singapore or Canada.
What are Bybit's trading fees?
Spot trading fees run around 0.10% maker / 0.18% taker for regular users, while derivatives/perpetual futures start lower, around 0.02% maker / 0.055% taker. Both schedules reduce further at higher VIP volume tiers.
Is Bybit available in the US?
No. Bybit does not serve US customers, alongside exclusions for China, Hong Kong, Singapore, Canada and sanctioned jurisdictions.
Compare Bybit with other crypto exchanges
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