Exchange record
Bybit
Global centralized cryptocurrency exchange launched in 2018 and headquartered in the United Arab Emirates. Bybit remained active after its February 2025 hot-wallet theft and expanded regulated European operations after Bybit EU GmbH received Austrian MiCAR authorization in May 2025.
Key facts
URL handling
Summary
Global centralized cryptocurrency exchange launched in 2018 and headquartered in the United Arab Emirates. Bybit remained active after its February 2025 hot-wallet theft and expanded regulated European operations after Bybit EU GmbH received Austrian MiCAR authorization in May 2025.
Timeline
Bybit suffered a record-scale Ethereum wallet hack in February 2025, with reports estimating about USD 1.4-1.5 billion stolen from a cold-wallet transfer/signing process while the exchange continued operating globally.
Bybit said or was reported to have closed the ETH gap after the hack by acquiring or securing large amounts of ETH, restoring 1:1 backing and continuing operations.
Austria's Financial Market Authority granted Bybit EU GmbH authorization as a crypto-asset service provider under MiCAR for custody, exchange, placing, and transfer services, supporting Bybit's regulated EEA platform rollout.
Bybit announced that it would discontinue services for Japanese residents and gradually apply account restrictions from 2026 in response to Japanese regulatory-compliance requirements, after earlier suspension of new Japan registrations.
Affected users were instructed to complete Identity Verification Level 2 / proof-of-address checks by January 22, 2026 or be classified as Japanese residents and face service limitations.