comparison · CEX (no/threshold KYC)
BloFin vs Bybit
Both are listed in CEX (no/threshold KYC). The table below pulls directly from each service’s data sheet; see each entry for sourcing.
| Field | BloFin | Bybit |
|---|---|---|
| KYC | tiered KYC | tiered KYC |
| Category | CEX (no/threshold KYC) | CEX (no/threshold KYC) |
| Jurisdiction | Cayman Islands (operator-disclosed) | Dubai (operator-disclosed; VARA-licensed) |
| Payment methods | crypto | crypto |
| Fiat on-ramp | no | no |
| Custodial | yes | yes |
| Open source | no | no |
| Founded | 2022 | 2018 |
| Last verified | Jan 1, 2026 | May 12, 2026 |
BloFin — summary
BloFin is a younger derivatives-focused CEX in the tiered-KYC bucket.
- + Liquid derivatives venue without immediate KYC ask.
- + Crypto-only deposits avoid bank-rails verification entirely.
- − Newer operator with shorter public track record.
- − Tier limits and KYC enforcement are operator-managed; recheck before relying on a flow.
- − Derivatives trading involves liquidation risk separate from custody risk.
Bybit — summary
Bybit is the major derivatives-focused CEX with a historically tiered-KYC model.
- + Major derivatives and spot venue with deep liquidity.
- + Strong UX for active traders.
- − Bybit announced mandatory KYC for all users in May 2023; the no-KYC tier has narrowed sharply since.
- − February 2025 hot-wallet exploit (~$1.4B reported) is the largest single crypto theft in history — funds were laundered through eXch and various mixers; bystander effect on user-side compliance posture.
- − U.S. users are geofenced.
When to choose which
Treat this section as heuristic. Privacy properties depend on how you use the service, not just which one you pick.
- Choose BloFin if liquid derivatives venue without immediate kyc ask..
- Choose Bybit if major derivatives and spot venue with deep liquidity..
- Either way, re-check the entry’s last verified date — the CEX (no/threshold KYC) category churns.
Compared as of .