# Bybit

> Source: https://fuckyc.org/services/bybit/
> Website: https://www.bybit.com/
> Categories: CEX (no/threshold KYC)
> KYC: tiered — Tiered KYC. Mandatory full KYC for all users enforced rolling-from-May 2023; some lower tiers may still permit limited trading without ID in some jurisdictions. Re-check before relying.
> Status: active
> Jurisdiction: Dubai (operator-disclosed; VARA-licensed)
> Fiat on-ramp: no
> Payment methods: crypto
> Founded: 2018
> Open source: no
> Custodial: yes
> Last verified: 2026-05-12

## Verdict

Bybit is the major derivatives-focused CEX with a historically tiered-KYC model. The May 2023 mandatory-KYC announcement and the February 2025 hot-wallet incident have both narrowed and changed the operator-side posture. Treat current no-KYC route information as unstable.

## Strengths

- Major derivatives and spot venue with deep liquidity.
- Strong UX for active traders.

## Caveats

- 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.
- Facts need re-verification by operator (last seeded 2026-05).

---

## What Bybit is

A centralized derivatives and spot exchange with historically tiered-KYC enforcement.

## Threat-model fit

Trading venue; no longer a reliable no-KYC route for most users.

## Sources

- [Bybit announcements](https://announcements.bybit.com/) — accessed 2026-05-12
- [Bybit help](https://www.bybit.com/en/help-center/) — accessed 2026-05-12