Bybit
A Dubai-based centralized cryptocurrency exchange offering spot, derivatives, and related digital-asset services.
Last updated October 16, 2026
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Overview
Bybit is a centralized cryptocurrency exchange founded in 2018 by Singaporean entrepreneur Ben Zhou. The platform initially developed its reputation around cryptocurrency derivatives, particularly perpetual contracts, before expanding its product range to include spot trading, options, copy trading, lending and other digital-asset services. Its customer-facing proposition has emphasized a professional trading environment, a broad selection of crypto markets, derivatives functionality, and a trading interface designed for both active and less experienced users. The company was originally associated with Singapore, but relocated its headquarters to Dubai in 2022. From that base, Bybit has operated internationally while adapting its availability to local rules. The exchange has faced regulatory warnings and restrictions in several jurisdictions, illustrating the legal uncertainty surrounding global cryptocurrency platforms and the differing treatment of retail derivatives, custody, marketing, and token-related services. In March 2021, Bybit stopped serving users in the United Kingdom in response to the Financial Conduct Authority's prohibition on retail cryptocurrency derivatives, which took effect in January of that year. In May 2025, it was authorized as a crypto-asset service provider under the European Union's Markets in Crypto-Assets framework by Austria's Financial Market Authority, according to the supplied reference material. The platform's availability is not uniform across countries, and the United States has been identified as a blocked market in the reference material. Bybit has also pursued extensive sports and esports sponsorships as part of its international brand-building strategy. Partnerships have included the Argentina national football team, Ukrainian esports organization Natus Vincere, Danish esports club Astralis, and Formula One team Red Bull Racing. These agreements positioned the exchange in mainstream sports and gaming environments rather than limiting its identity to specialist financial-technology audiences. The Red Bull Racing partnership covered the 2022 and 2023 Formula One seasons and ended at the close of 2024 by mutual agreement. The exchange experienced a major security crisis in February 2025, when approximately 400,000 ether were stolen from one of its wallets. The theft was valued at roughly $1.4 billion at the time of the incident, although other descriptions have placed the total near $1.5 billion depending on valuation. The incident was widely described as the largest cryptocurrency theft or exchange hack recorded at that time. Bybit said the attack involved its multisignature wallet infrastructure and a compromise connected with Safe{Wallet}, a third-party provider. Blockchain-analysis companies attributed the activity to North Korea-linked Lazarus Group, and the United States Federal Bureau of Investigation associated it with North Korean TraderTraitor actors. Bybit reported that it replenished its reserves within approximately 72 hours, obtaining emergency liquidity that included 447,000 ether from firms such as Galaxy Digital, FalconX, and Wintermute. The company has also been involved in litigation connected with the collapse of FTX. In November 2023, the FTX bankruptcy estate sued Bybit, its investment arm Mirana, and related entities, alleging preferential withdrawals, the use of access and privileges to expedite withdrawals, and disputes involving assets and token arrangements. Bybit settled the case in October 2024 for $228 million. These events have made cybersecurity, custody controls, regulatory compliance, and the governance of exchange-affiliated investment entities central issues in the Bybit brand's public profile. Despite these challenges, Bybit remains an active international crypto-exchange brand whose principal business is the provision of digital-asset trading infrastructure.
History
Bybit was founded in 2018 by Ben Zhou as a cryptocurrency trading business with a strong initial emphasis on derivatives. Its early identity was shaped by perpetual contracts and other leveraged products, which attracted active traders seeking instruments beyond conventional spot markets. The platform's development reflected the rapid growth of centralized crypto exchanges during the late 2010s and early 2020s, when exchanges competed on liquidity, market breadth, execution technology, user interface, and international reach. Over time, Bybit broadened its platform beyond derivatives. Spot cryptocurrency markets, options, copy-trading tools, wallet and custody functions, and other digital-asset services became part of its wider product proposition. This expansion allowed the brand to address both professional traders and retail customers, while maintaining a reputation centered on active trading and derivatives expertise. Bybit's international growth was accompanied by a significant corporate relocation: in 2022, the company moved its headquarters from Singapore to Dubai, United Arab Emirates. Brand marketing became an important part of Bybit's expansion. In 2021, it became a global sponsor of the Argentina national football team under an initial two-year arrangement. That year it also entered a three-year partnership with Ukrainian esports organization Natus Vincere and later signed a similar sponsorship with Danish esports club Astralis. In early 2022, Formula One team Red Bull Racing announced a multi-year partnership with Bybit. The Red Bull Racing relationship covered the 2022 and 2023 seasons and ended at the end of 2024 by mutual agreement. These partnerships gave Bybit visibility in football, esports, and motorsport, helping it present itself as a global consumer-facing technology brand. Regulatory access has remained uneven. In March 2021, Bybit stopped serving users in the United Kingdom after the Financial Conduct Authority's prohibition on retail cryptocurrency derivatives came into effect. The exchange has also faced regulatory warnings in multiple jurisdictions. In the supplied reference material, Austria's Financial Market Authority authorized Bybit in May 2025 as a crypto-asset service provider under the European Union's Markets in Crypto-Assets regime. At the same time, the platform's services remain subject to country-specific restrictions, and the United States is identified as a blocked market. Bybit's most severe operational crisis occurred on February 21, 2025. The company announced that attackers had taken approximately 400,000 ether, with a contemporaneous value of about $1.4 billion; some descriptions placed the loss near $1.5 billion depending on valuation. The attack involved vulnerabilities in the exchange's multisignature wallet process and infrastructure associated with Safe{Wallet}, a third-party provider. Arkham Intelligence and Elliptic attributed the activity to Lazarus Group, while the FBI linked it to North Korean TraderTraitor actors. Bybit stated that it restored its reserves within roughly 72 hours through emergency funding and obtained 447,000 ether from firms including Galaxy Digital, FalconX, and Wintermute. The company also became involved in litigation arising from FTX's collapse. In November 2023, the FTX bankruptcy estate sued Bybit and its investment arm Mirana, alleging preferential access and withdrawals during FTX's solvency crisis, as well as disputes over assets and token arrangements. The matter was settled in October 2024 for $228 million. Together, the FTX litigation and the 2025 hack have placed Bybit's governance, custody arrangements, compliance systems, and crisis-response capabilities at the center of its public record. Bybit nevertheless continues to operate as an active international cryptocurrency exchange, subject to changing regulatory and market conditions.
- 2025
Major wallet hack
[1]Approximately 400,000 ether was stolen from Bybit in an attack that became the largest recorded cryptocurrency exchange theft at the time.
- 2025
European crypto-asset authorization
[1]The supplied reference material states that Austria's Financial Market Authority authorized Bybit under the EU Markets in Crypto-Assets framework.
- 2024
FTX case settled
[1]Bybit settled the FTX-related litigation for $228 million in October.
- 2023
FTX estate files lawsuit
[1]The FTX bankruptcy estate sued Bybit and related entities over alleged preferential withdrawals and disputed asset and token transactions.
- 2022
Headquarters relocated to Dubai
[1]Bybit relocated its headquarters from Singapore to Dubai in the United Arab Emirates.
- 2021
UK service withdrawal
[1]Bybit stopped serving users in the United Kingdom following the FCA's ban on retail cryptocurrency derivatives.
- 2018
Bybit is founded
[1]Ben Zhou founded Bybit as a cryptocurrency exchange with an initial emphasis on derivatives trading.
Products and positioning
An international, trading-focused cryptocurrency exchange combining professional derivatives infrastructure with a broad retail-facing digital-asset platform.
Cryptocurrency exchange
Spot trading
Bybit's spot market enables users to buy and sell cryptocurrencies at prevailing market prices. It complements the platform's derivatives business and broadens the exchange's appeal to customers who do not require leverage or contract-based exposure.
Cryptocurrency derivatives
Perpetual contracts
Perpetual contracts are Bybit's signature trading category. These derivatives allow traders to take long or short positions without a conventional expiry date, typically using margin and leverage. They formed a central part of the exchange's original professional-trading proposition.
Cryptocurrency derivatives
Options
Bybit offers cryptocurrency options as part of its derivatives range. Options provide defined rights to buy or sell an underlying digital asset at specified terms and are used by traders for directional strategies, hedging, and structured exposure.
Trading tools
Copy trading
Copy-trading tools allow users to follow or replicate the trading activity of selected traders. This service extends Bybit's platform beyond direct order execution and connects less experienced users with strategies created by other participants.
Digital-asset infrastructure
Wallet and custody services
Bybit provides wallet-related functions for storing and transferring digital assets within its exchange ecosystem. Wallet infrastructure became a major area of operational scrutiny after the February 2025 theft involving a multisignature wallet.
Controversies
2026
Bybit secures injunction freezing stolen assets
Bybit obtained an injunction freezing assets stolen in a 2025 attack. The event was reported on 2026-08-10. The source is a report on the crypto exchange suing the North Korean government and hackers over a $1.5 billion heist. The injunction is a legal step concerning the stolen assets.
2026
Bybit files lawsuit over $1.5 billion hack
Bybit filed a civil lawsuit against North Korea, its Reconnaissance General Bureau intelligence agency, and the Lazarus Group over the theft of approximately $1.5 billion from the exchange. The event was reported on August 7, 2026, according to the source. The filing concerns the hack and names the state, its intelligence agency, and the group as defendants in the civil action.
2025
Bybit wallet hack
Attackers stole approximately 400,000 ether from Bybit in February 2025. The incident was associated with compromised third-party wallet infrastructure, and investigators attributed the attack to North Korea-linked actors. Bybit said it restored its reserves through emergency liquidity arrangements.
2023
FTX bankruptcy estate litigation
The FTX bankruptcy estate alleged that Bybit's investment arm Mirana received preferential treatment and withdrew substantial assets before FTX halted withdrawals. The case also raised claims concerning blocked asset recovery and token transactions involving BitDAO and Alameda Research. Bybit settled the matter for $228 million in October 2024.
Marketing campaigns
- 2022Red Bull Racing partnership
Global Formula One audience
Bybit became a partner of Red Bull Racing in a multi-year Formula One agreement covering the 2022 and 2023 seasons.
Outcome. The partnership concluded at the end of 2024 by mutual agreement.
- 2021Argentina national football team sponsorship
International
Bybit became a global main sponsor of the Argentina national football team under an initial two-year agreement, using football to increase mainstream international awareness.
Outcome. The agreement established Bybit as a visible sponsor outside specialist cryptocurrency media.
- 2021Natus Vincere sponsorship
International esports
Bybit signed a three-year sponsorship agreement with Ukrainian esports organization Natus Vincere, placing the exchange in a global gaming and esports environment.
Outcome. The partnership strengthened Bybit's association with esports audiences.
- 2021Astralis sponsorship
International esports
Bybit entered a sponsorship arrangement with Danish esports club Astralis, including brand exposure associated with the club's competitive teams.
Outcome. The deal extended Bybit's esports sponsorship portfolio beyond NAVI.
Brand decisions
2025
Emergency reserve replenishment after the hackOtherBackground
A February 2025 attack removed approximately 400,000 ether from a Bybit wallet.
Action taken
Bybit obtained emergency liquidity, including 447,000 ether supplied through efforts involving Galaxy Digital, FalconX, and Wintermute, and said that it replenished reserves within approximately 72 hours.
Aftermath
The response helped the exchange continue operating, while custody controls and third-party wallet security became central subjects of scrutiny.
Stolen ether value. $1.4 billion approximate contemporaneous value (February 21, 2025)
2022
Relocation of headquarters to DubaiStrategyBackground
Bybit had been associated with Singapore since its founding and subsequently selected Dubai as its headquarters location.
Action taken
The company relocated its headquarters from Singapore to Dubai, United Arab Emirates.
Aftermath
Dubai became the company's principal corporate base as it continued its international expansion.
2021
Withdrawal from the United Kingdom retail marketStrategyBackground
The UK's Financial Conduct Authority prohibited the sale of cryptocurrency derivatives to retail customers, with the measure taking effect on January 6, 2021.
Action taken
Bybit stopped serving users in the United Kingdom.
Aftermath
The decision demonstrated that Bybit's international availability would be adjusted in response to local derivatives regulation.
Recent events
Bybit partners with XAUE Protocol on XAUT savings[5]
Reported:
Bybit announced a partnership with XAUE Protocol to offer eligible Tether Gold (XAUT) holders a fixed-term savings product through Bybit Easy Earn.
Bybit launches Build Your AI Future City campaign[6]
Reported:
Bybit launched "Build Your AI Future City," a gamified campaign running until September 20, 2026, in which eligible users collect and swap AI-themed digital landmarks tied to six companies (SanDisk, NVIDIA, Marvell, Dell, Oracle and Adobe), with a prize pool of up to $300,000 and rewards paid as position airdrops on the six companies' TradFi Perpetual Contracts on Bybit.
- Unconfirmed
Bybit files civil lawsuit seeking compensation over heist[3]
Reported:
Bybit filed a civil lawsuit seeking compensation over the $1.5 billion heist.
- Unconfirmed
Bybit secures injunction freezing stolen assets[3]
Reported:
Bybit secured an injunction freezing assets stolen in a 2025 attack.
Court freezes identified assets linked to Bybit hack[4]
Reported:
A federal U.S. court granted a preliminary injunction prohibiting the transfer or dissipation of identified assets connected to the case while litigation continues. Bybit said it secured the injunction.
Bybit files lawsuit over $1.5 billion hack[4]
Reported:
Bybit filed a civil lawsuit against North Korea, its Reconnaissance General Bureau intelligence agency, and the Lazarus Group over the theft of approximately $1.5 billion from the exchange.
Bybit and Cabital announce partnership[7]
Reported:
Bybit announced a partnership with Cabital enabling Bybit users to buy cryptocurrency using EUR and GBP via bank transfers and transfer crypto between their Bybit and Cabital wallets.
Bybit appoints a new general counsel[8]
Reported:
Bybit appointed Daniel Lim as general counsel to lead its legal and compliance team.
Bybit pledges WSOT prize-fund donation to UNICEF[9]
Reported:
Bybit announced that it would donate up to 10 BTC to UNICEF from its World Series of Trading prize fund. The donation arrangement was made through a partnership with UNICEF's New Zealand branch.
Bybit announces World Series of Trading[10]
Reported:
Bybit announced the launch of the inaugural World Series of Trading, a global crypto derivatives trading competition scheduled to run from August 14 to August 31, 2020.
Showing the 10 most recent.
Sources14 sources
- 1Bybiten.wikipedia.org
- 2Bybit official websitebybit.com
- 3Bybit secures injunction freezing stolen assetsnknews.org
- 4Bybit files lawsuit over $1.5 billion hackcoindesk.com
- 5Bybit 与 XAUE Protocol 合作推出 XAUT 储蓄服务prnewswire.com
- 6Bybit 推出“Build Your AI Future City”活动finanznachrichten.de
- 7Bybit与Cabital宣布合作menafn.com
- 8Bybit 任命新总法律顾问cointelegraph.com
- 9Bybit 承诺将 WSOT 奖金捐赠给 UNICEFfinanznachrichten.de
- 10Bybit宣布推出World Series of Trading交易竞赛finanznachrichten.de
- 11Bybit新增法币入口finanznachrichten.de
- 12Coin Market Manager与Bybit合作拓展加密货币期货市场openpr.com
- 13Bybit推出圣帕特里克节竞赛finanznachrichten.de
- 14Bybit Sues North Korea and Lazarus Group, Secures Preliminary Injunction Freezing Stolen Assets in Landmark Crypto Asset Recovery Effortprnewswire.com
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