comparison · CEX (no/threshold KYC)

Bybit vs CoinEx

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	Bybit	CoinEx
KYC	tiered KYC	tiered KYC
Category	CEX (no/threshold KYC)	CEX (no/threshold KYC)
Jurisdiction	Dubai (operator-disclosed; VARA-licensed)	Hong Kong (operator-disclosed)
Payment methods	crypto	crypto
Fiat on-ramp	no	no
Custodial	yes	yes
Open source	no	no
Founded	2018	2017
Last verified	May 12, 2026	Jan 1, 2026

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.

CoinEx is one of the older mid-tier CEXes that has been usable without KYC up to thresholds.

+ Long operating history; one of the older Chinese-roots CEXes.
+ Decent spot coverage on mid-cap listings.
− Custodial exposure.
− Tier thresholds and KYC enforcement are operator-managed and have moved.
− A September 2023 hot-wallet hack (~$70M reported) is the most material historical incident; user funds were reimbursed but it is the kind of event that informs operator risk-aversion thereafter.

Treat this section as heuristic. Privacy properties depend on how you use the service, not just which one you pick.

Choose Bybit if major derivatives and spot venue with deep liquidity..
Choose CoinEx if long operating history; one of the older chinese-roots cexes..
Either way, re-check the entry’s last verified date — the CEX (no/threshold KYC) category churns.

Compared as of May 12, 2026.