In this article · 4 sections
Bybit is one of the largest crypto exchanges — and it suffered the biggest exchange hack on record in early 2025. So is it safe? The honest answer needs nuance.
The 2025 hack — and the response
In February 2025, roughly $1.5B was stolen from Bybit via a compromised signing interface. Critically, Bybit fully reimbursed affected users within days — no customer lost funds. How an exchange responds to an incident matters as much as the incident itself.
Proof-of-reserves & custody
Bybit publishes proof-of-reserves that have been independently verified, and uses cold storage for the majority of assets. These are real, checkable safety signals.
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Regulation & availability — two Bybits
There are now two Bybits, and which one you get depends on where you live. The global platform, bybit.com, runs under Dubai's VARA framework and is not available to US users. EU and EEA residents were moved to a separate company, Bybit EU GmbH, which holds a MiCA licence from Austria's FMA (May 2025) and runs bybit.eu with a narrower product range; EEA users had to migrate by 1 July 2026. In the UK, Bybit came back in December 2025 through Archax, an FCA-authorised firm that approves its promotions, but Bybit itself is not FCA-authorised, so there is no FSCS cover. Check which entity you are signing up with before you deposit.
Our take
See our full scored review for the exact security and regulation numbers. As always: for large, long-term holdings, a hardware wallet is safer than leaving funds on any exchange.