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Bybit review: score, licensing and risks

74/100SCORE · BMixed record Grade B, very good

In February 2025 Bybit lost around 1.4 billion dollars of ETH to a North Korean state actor, the largest crypto theft ever recorded. It then covered the shortfall within about 48 hours and no customer lost money. Since then it has run the most rigorous proof of reserves programme of any major exchange, independently verified by Hacken and published roughly monthly. It holds a proper MiCAR licence in Austria through Bybit EU. Whether you weigh the breach or the response more heavily is a judgement call, and a reasonable person could land either side.

The facts

FOUNDED
2018
HEADQUARTERS
Dubai, United Arab Emirates
CUSTODY
Custodial.
MiCA / EEA
Authorised through a separate entity. Bybit EU GmbH holds a MiCAR licence from Austria's FMA, granted May 2025 and passported across 29 EEA states. EEA users were migrated off the global platform ahead of the 1 July 2026 deadline.
US ACCESS
No.
PROOF OF RESERVES
Yes, and unusually thorough. Independently verified by Hacken, published roughly monthly, covering over 16.5 billion dollars in mainstream assets with reserve ratios above 100 percent.
FEES
Around 0.10 percent spot maker and taker at entry tier. Derivatives pricing is competitive.
ASSETS
600 plus

How the score breaks down

regulation16/25
security15/25
costs14/15
assets13/15
platform9/10
support7/10

Each dimension is explained on the methodology page.

Where it is strong and where it is not

✓ Strengths
  • Handled the largest hack in crypto history without a single customer losing money, which is the real test
  • Best in class proof of reserves, independently verified and frequent
  • Properly licensed in the EEA through Bybit EU
  • Strong derivatives platform
✗ Weaknesses
  • Suffered the largest exchange theft on record in February 2025
  • EEA users must use the separate Bybit EU entity, with a narrower product set
  • Not available in the US

Incident history

2025

Lost around 401,000 ETH, roughly 1.4 to 1.5 billion dollars, in the largest crypto theft ever recorded. The FBI attributed it to North Korea. Bybit replenished reserves within about 48 hours using bridge loans, OTC purchases and whale deposits, and no customer lost funds.

Our read

A genuinely difficult one to score. Losing 1.4 billion dollars is the worst security outcome in the industry's history. Covering it inside 48 hours so that no customer lost anything is close to the best crisis response in the industry's history. Both are true. The proof of reserves programme since has been the most rigorous of any major venue. We score the security dimension down for the breach and up for the response, which lands it mid table.
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RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.