#bybit #scamriskwarning #биржа

The cryptocurrency exchange Bybit, founded in 2018 and registered in Dubai, positions itself as a reliable and innovative trading platform. However, in recent years, allegations against the exchange related to fraud, manipulation, and withdrawal issues have been mounting. In this article, we will examine the main complaints against Bybit and try to understand how justified these allegations are.

🛑 Issues with fund withdrawals and support

Many users report issues with withdrawing funds and a lack of proper support from the exchange. Some traders claim that after submitting withdrawal requests, their funds are blocked, and inquiries to customer support go unanswered. Others complain about funds disappearing from their accounts without explanation and the inability of customer support to resolve their issues.

⚠️ Fraud through the P2P platform

Bybit provides a P2P platform for exchanging cryptocurrency between users. However, some traders report cases of fraud where they transferred funds to sellers but did not receive payment. In some instances, the exchange's support allegedly intervened in the dispute process, suggesting transferring funds to the platform for 'unfreezing' the order, which led to the loss of funds.

🔐 Security issues and hacks

In February 2025, Bybit was subjected to a hacking attack, resulting in the theft of approximately 400,000 ETH (about $1.5 billion). The attack was attributed to the North Korean hacker group Lazarus. Although the exchange claimed that the remaining user funds were secure, the incident raised questions about the platform's reliability.

📉 Regulatory issues and fines

Bybit has faced a number of regulatory issues in different countries. In 2021, the exchange was fined in Singapore for failing to comply with anti-money laundering measures. In 2023, Indian authorities imposed a fine for violations of money laundering prevention legislation. In Japan, Bybit was blocked in the App Store and Google Play for lacking proper registration.

🧭 Conclusion

Bybit is a major cryptocurrency exchange that attracts traders with its low fees and wide range of tools. However, numerous user complaints, withdrawal issues, security incidents, and regulatory fines raise questions about the platform's reliability. If you are considering trading on Bybit, it is recommended to exercise caution, thoroughly check all operations, and be prepared for potential difficulties.

Discussion questions:

  • What security measures do you take when using cryptocurrency exchanges?

  • How do you assess the importance of regulatory transparency when choosing a platform for trading cryptocurrencies?

  • What alternative cryptocurrency exchanges do you consider more reliable and why?