comparison · CEX (no/threshold KYC)
BingX 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 | BingX | Bybit |
|---|---|---|
| KYC | tiered KYC | tiered KYC |
| Category | CEX (no/threshold KYC) | CEX (no/threshold KYC) |
| Jurisdiction | Singapore (operator-disclosed) | Dubai (operator-disclosed; VARA-licensed) |
| Payment methods | crypto, card (via partners) | crypto |
| Fiat on-ramp | yes | no |
| Custodial | yes | yes |
| Open source | no | no |
| Founded | 2018 | 2018 |
| Last verified | Jan 1, 2026 | May 12, 2026 |
BingX — summary
BingX is in the same "tiered KYC" bucket as MEXC — usable without identity verification up to threshold, with the thresholds subject to change.
- + Liquid derivatives market alongside spot.
- + Mid-tier KYC thresholds usable for moderate-volume retail use.
- − Centralized custody.
- − Tier limits and KYC enforcement are operator-managed and have shifted.
- − Facts need re-verification by operator (last seeded 2026-01).
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 BingX if liquid derivatives market alongside spot..
- 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 .