Tag: Bybit

Cryptocurrency-based money laundering is escalating in scale and sophistication, with recent cases highlighting both the evolving tactics of criminal actors and the challenges facing compliance professionals and law enforcement worldwide. Over the last decade, crypto has developed into a powerful money laundering tool for cybercriminals.

On Feb 21, 2025, the crypto industry witnessed its largest theft to date when hackers successfully breached ByBit, a major cryptocurrency exchange, and stole approximately $1.5 billion worth of digital assets, primarily in Ethereum (ETH). This unprecedented hack has sent shockwaves through the crypto world, raising serious questions about the security of digital assets and the future of cryptocurrency exchanges.

The legal dispute between the collapsed U.S. crypto exchange FTX and Dubai-based Bybit has recently reached a significant milestone with a settlement agreement worth $228 million. Here's an overview of the background, context, and latest developments. The settlement comes just in time for the expected bull run in the crypto segment.

In a shift within the crypto exchange landscape, Bybit has emerged as the world's second-largest cryptocurrency exchange, overtaking Coinbase. This change comes amid a backdrop of regulatory challenges faced by Binance, the leading exchange by trading volume. The Chinese national Ben Zhou is the key figure behind Bybit's rapid growth, having founded the cryptocurrency exchange in 2018.

In the current crypto bull run, a troubling trend has emerged: more and more crypto exchanges are aggressively promoting...

In an extraordinary turn of events, Binance, the world's leading crypto exchange, has demonstrated a formidable comeback following its legal settlement in the United States, solidifying its position as the top global crypto exchange. As of January 19, 2024, the Binance coin BNB has been trading at $312, up 38% since Nov 21, 2023. This is an impressive testament to the growing investor confidence in Binance's stability and potential.

Bybit, one of the world's largest crypto exchange operators, anticipates withdrawing from the United Kingdom in anticipation of forthcoming marketing regulations. These new rules, scheduled to take effect in the coming weeks, are poised to impose more stringent requirements on crypto-related marketing practices. Ben Zhou, co-founder and CEO of Bybit, commented: "We do see regulation becoming more strict."

In March 2022, the United Arab Emirates (UAE) was designated as a high-risk country by the global financial crime watchdog Financial Action Task Force (FATF) and added to their “grey list” of countries subject to increased monitoring to counter financial crime. Despite the greylisting, many crypto companies such as Binance have set up shop in Dubai in recent months. Lured by the crypto-friendly regulation. This is dangerous for all other regulatory regimes, merchants, and consumers.

To map the worldwide crypto scene is an impossible task. One encounters a practically opaque network of crypto exchanges such as Binance, ByBit, KuCoin, BitGet, etc., and connected payment processors such as Advcash or MoonPay. For example, the FIAT transactions of the crypto exchanges are processed via the latter. Of course, this is a very simplified representation. But you have to start somewhere. The "101 Crypto Ecosphere" chart shown above is such a start.

Founded in 2018 in the British Virgin Islands, crypto exchange ByBit is currently operated through Singapore-registered ByBit Fintech Limited. In the UK, ByBit has cashed in on an FCA warning and withdrawn from the UK. German regulator BaFin announced an investigation into ByBit in July 2021. In 2023, Japan's regulator FSA warned against the crypto exchange. Despite Western sanctions, Similarweb analysis shows that most website visitors come from Russia.

Dubai-based crypto exchange Bybit has suspended United States dollar deposits via bank transfers (including SWIFT) in response to “service outages from a partner,” the company announced via a blog post and on Twitter. However, customers can continue to deposit USD via the Advcash Wallet or buy cryptocurrencies with a credit card on ByBit's One-Click Buy page. Funds can be withdrawn through wire transfers until March 10. 

The well-known crypto exchanges like Coinbase, Binance, Crypto.com, or FTX seem to have a problem with their customers. On Trustpilot, most of the top crypto exchanges have scam ratings with customers complaining about unfounded blocked accounts and problems with customer service. Exceptions are CEX.io, Oobit, or BitPanda, which stand out like a lighthouse on Trustpilot. With 4.7-stars and 4.1-stars respectively, CEX.io and BitPanda apparently perform incredibly better than their international competitors.