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Exchange profiles

Bybit

Bybit is a global exchange founded in 2018. It appears to serve Australians from overseas: Australia isn't on its list of restricted countries, and it launched a card here in 2024, but we found no Australian company or licence. In February 2025 about US$1.5 billion in ETH was stolen from its cold wallet; Bybit covered the loss.

Checked 31 October 2026. Each fact links to its source. General information, not a recommendation.

At a glance

Founded
2018; Ben Zhou is co-founder and CEO (Bybit Card Australia release, Feb 2024)
Based in
Outside Australia; we didn't find its head office confirmed in the sources we checked. A British Virgin Islands company called Bybit Fintech Limited was struck off in 2021 (BVI Financial Services Commission)
Australian operator
None found. Australia isn't on Bybit's restricted-countries list, so it appears to serve Australians from overseas (Bybit: Restricted countries)
AUSTRAC
We found no Australian company or AUSTRAC registration for Bybit. Check AUSTRAC's register before using it (AUSTRAC: register of virtual asset service providers)
ASIC licence
None found (Bybit: Restricted countries)
Trading fee, entry tier
0.1% maker, 0.1% taker (global rate; Bybit says rates vary by region) (Bybit: Spot fees explained)
Proof of reserves
Yes, audited by Hacken: a Merkle tree of client balances customers can check; snapshot of 24 June 2026 showed all 40 assets covered over 100% (Hacken audit of Bybit's reserves, June 2026)
Customers
20 million users worldwide (its own claim, Feb 2024) (Bybit Card Australia release, Feb 2024)
24-hour trading volume
Not available right now

Security record

  1. · Funds stolen

    About US$1.5 billion in ETH stolen from its cold wallet

    During a routine transfer from Bybit's Ethereum cold wallet, the signers were shown a disguised signing screen and approved a change that gave the attacker control. More than 400,000 ETH and staked ETH were taken. The FBI attributed the theft to North Korea.

    Outcome: Bybit kept withdrawals open and said client assets stayed fully backed. It refilled its reserves within days, through emergency loans, large deposits and purchases.

    Sources: FBI public service announcement · The Block · CNBC, via NBC

Regulation and legal action

  1. India: penalty for operating without registration (overseas)

    India's Financial Intelligence Unit fined Bybit INR 9.27 crore for operating in India without the registration its anti-money-laundering law requires.

    Outcome: Penalty imposed.

    Sources: LatestLY

  2. Malaysia: reprimand for running an unregistered exchange (overseas)

    Malaysia's Securities Commission reprimanded Bybit and its CEO and ordered it to shut its Malaysian website and apps and stop advertising to Malaysians.

    Outcome: The regulator said Bybit complied.

    Sources: The Star

  3. Ontario: US$2.47 million settlement (overseas)

    The Ontario Securities Commission alleged Bybit broke Ontario securities law. The tribunal approved a settlement in which Bybit stopped opening new Ontario accounts.

    Outcome: US$2,468,910 paid, plus C$10,000 in costs.

    Sources: Ontario Capital Markets Tribunal

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