VASPCheck

VASP Compliance Summary — Bybit

Bybit Fintech Limited · Exchange · United Arab Emirates

Exported 2026-08-25

Data reviewed 2026-08-03

Overview

Compliance snapshot

Overall regulatory statusRegistered

EU MiCA statusMiCA application pending

VARA VASP licence (Dubai); no EU CASP authorization yet
Exited or suspended service in several European markets in 2024-2025
Trustpilot 3.2/5 · 9,400 reviews
USD 1.5bn hot-wallet theft in February 2025

High concern

Very large derivatives venue with limited EU authorization, a 2025 hot-wallet theft of exceptional size and several national market exits.

Authorizations

Licenses & registrations

Jurisdiction	Regulator	Authorization	Status	Reference	Granted
United Arab Emirates	Virtual Assets Regulatory Authority VARA · https://www.vara.ae/en/licenses-and-register/public-register/	VASP licence (exchange, restricted)	Authorized	VARA-2024-0091	2024-05-30
Austria	Finanzmarktaufsicht FMA · https://www.fma.gv.at/en/search-company-database/	MiCA CASP authorization	Pending	APP-AT-2025-0077	2025-07-21
Cyprus	Cyprus Securities and Exchange Commission CySEC · https://www.cysec.gov.cy/en-GB/entities/crypto-asset-services/	CASP registration (legacy)	Registered	CASP-2024-0018	2024-06-04
France	Autorité des marchés financiers AMF · https://www.amf-france.org/en	PSAN registration	Not licensed	—	—

Reputation

Reputation scores

Trustpilot-style score3.2 / 5

Reviews9,400

App Store4.3

Google Play3.7

12-month trenddown

Press sentiment (12m)+2 / ~3 / −6

Media

Recent press

Date	Source	Headline & summary	Sentiment
2026-07-26	Reuters	Exchange details security overhaul after record theft Signing infrastructure was rebuilt and moved to multi-party computation.	Neutral
2026-05-19	Bloomberg	Venue applies for EU authorization An application was filed with a central European regulator.	Positive
2026-03-08	Financial Times	Regulator warns over unlicensed access A national authority warned residents about accessing the platform.	Negative
2025-12-04	CoinDesk	Insurance fund replenished The venue said client balances remained fully backed after the incident.	Neutral
2025-02-22	Reuters	Record theft hits major crypto exchange Attackers drained an Ethereum cold-to-hot transfer worth about USD 1.5bn.	Negative

Risk events

Incidents & enforcement

Date	Type	Amount	Description
2025-02-21	Hack	USD 1,500,000,000	Compromised signing workflow allowed attackers to drain an Ethereum wallet; the company covered the shortfall.
2024-01-08	Enforcement	—	Ordered to cease serving retail clients in a European market without registration.
2023-11-02	Outage	—	Withdrawal delays of several hours during a network congestion event.

Profile

Key facts

Founded2018

Websitebybit.com

Fiat currenciesEUR, USD, AED, TRY

Proof of reservesYes

Custody modelOmnibus hot/cold wallets, MPC signing since 2025

Legal entitiesBybit Fintech Limited (VG) · Bybit MENA FZE (AE)

Bybit

RegisteredMiCA application pendingESMA register

Bybit Fintech Limited

Exchange🇦🇪 United Arab Emirates Founded 2018bybit.com

Visit website

Last reviewed

2026-08-03

Compliance snapshot

VARA VASP licence (Dubai); no EU CASP authorization yet
Exited or suspended service in several European markets in 2024-2025
Trustpilot 3.2/5 · 9,400 reviews
USD 1.5bn hot-wallet theft in February 2025

Overall concern

High concern

Very large derivatives venue with limited EU authorization, a 2025 hot-wallet theft of exceptional size and several national market exits.

Regulatory

Licenses & registrations

Jurisdiction	Regulator	Authorization	Status	Reference	Granted
🇦🇪 United Arab Emirates	Virtual Assets Regulatory AuthorityVARA	VASP licence (exchange, restricted)	Authorized	VARA-2024-0091	2024-05-30
🇦🇹 Austria	FinanzmarktaufsichtFMA	MiCA CASP authorization	Pending	APP-AT-2025-0077	2025-07-21
🇨🇾 Cyprus	Cyprus Securities and Exchange CommissionCySEC	CASP registration (legacy)	Registered	CASP-2024-0018	2024-06-04
🇫🇷 France	Autorité des marchés financiersAMF	PSAN registration	Not licensed	—	—

🇦🇪 United Arab Emirates
Authorized
VASP licence (exchange, restricted)
Virtual Assets Regulatory AuthorityVARA
VARA-2024-00912024-05-30
Verify at source
🇦🇹 Austria
Pending
MiCA CASP authorization
FinanzmarktaufsichtFMA
APP-AT-2025-00772025-07-21
Verify at source
🇨🇾 Cyprus
Registered
CASP registration (legacy)
Cyprus Securities and Exchange CommissionCySEC
CASP-2024-00182024-06-04
Verify at source
🇫🇷 France
Not licensed
PSAN registration
Autorité des marchés financiersAMF
——
Verify at source

User signals

Reputation

Trustpilot-style score

3.2/ 5

3.2

9,400 reviews

Declining (12m)

App ratings

App Store: 4.3
Google Play: 3.7

Press sentiment (12m)

Positive2

Neutral3

Negative6

Media

Recent press

2026-07-26
Exchange details security overhaul after record theftNeutral
Reuters — Signing infrastructure was rebuilt and moved to multi-party computation.
2026-05-19
Venue applies for EU authorizationPositive
Bloomberg — An application was filed with a central European regulator.
2026-03-08
Regulator warns over unlicensed accessNegative
Financial Times — A national authority warned residents about accessing the platform.
2025-12-04
Insurance fund replenishedNeutral
CoinDesk — The venue said client balances remained fully backed after the incident.
2025-02-22
Record theft hits major crypto exchangeNegative
Reuters — Attackers drained an Ethereum cold-to-hot transfer worth about USD 1.5bn.

History

Incidents & enforcement

2025-02-21HackUSD 1,500,000,000
Compromised signing workflow allowed attackers to drain an Ethereum wallet; the company covered the shortfall.
2024-01-08Enforcement
Ordered to cease serving retail clients in a European market without registration.
2023-11-02Outage
Withdrawal delays of several hours during a network congestion event.