Binance (founded 2017) and Bybit (founded 2018) are both large, derivatives-heavy exchanges, but their EU standing now diverges sharply. Bybit's EU entity, Bybit EU GmbH, holds a full MiCA CASP authorisation granted by Austria's FMA on 28/05/2025, confirmed on the ESMA register. Binance has no confirmed EU MiCA CASP authorisation as of our latest check — its licence status remains pending/unauthorised. Bybit also disclosed the largest crypto exchange hack on record (~US$1.5bn in ETH, 21 February 2025) via a compromised third-party Safe{Wallet} interface — it was the victim, not sanctioned, covered the shortfall within roughly 72 hours, and has since published 31+ Hacken-audited proof-of-reserves reports showing over 100% reserves. Binance remains the larger exchange by reported volume. Neither is universally "better"; verify current availability for your country. We publish no fees or ratings and this is information, not financial advice.
Crypto exchange comparison
Binance vs Bybit: an honest, regulation-first comparison
By Exchange Atlas Editorial Team · Last updated 8 July 2026
Binance vs Bybit: the verified facts
| Exchange | Licence & regulatory status | maker-taker-fee | supported-coins | Actions |
|---|---|---|---|---|
| Binance Founded 2017 | EU MiCA CASP | — | — | |
| Bybit Founded 2018 | EU MiCA CASP | — | — |
Only fields we can verify (licence status, founding year) are shown. We publish no fees or ratings we have not confirmed.
How do they compare on the facts?
The verifiable fields are founding year and EU MiCA CASP status. Binance (2017) is the largest exchange by reported spot volume but has no confirmed EU MiCA CASP authorisation as of our latest check. Bybit (2018) holds a confirmed CASP authorisation via its Austrian entity, granted by the FMA on 28/05/2025 and checkable on the ESMA register. We publish no fee schedules, supported-coin counts, withdrawal limits or ratings we have not verified against each exchange's current pages.
Both are derivatives-capable platforms offering spot, perpetuals and earn products, and both restrict products and promotions heavily by country under their own terms. The clearest current gap is regulatory access, not scale: Bybit is onboarding EU customers under a confirmed licence, while Binance has no such authorisation to point to.
Regulation and security history
Bybit's Austria FMA authorisation passports across the EU/EEA and is independently checkable on the ESMA register — a clean, confirmed licensing position. Binance is private, has faced sustained regulatory scrutiny across multiple jurisdictions, and has no confirmed EU MiCA CASP authorisation to date; treat any claim of EU licensing for Binance as unverified until you see it on the ESMA register yourself.
On security: the FBI attributed Bybit's February 2025 hack to North Korea's Lazarus Group, exploiting a compromised Safe{Wallet} multisig interface rather than a direct breach of Bybit's own systems. Bybit covered the roughly US$1.5bn shortfall within about 72 hours and has since published 31+ consecutive Hacken-audited proof-of-reserves reports showing over 100% reserves — a strong recovery record, though it does not erase the fact that a major exchange integration was compromised. Binance has also faced its own historical security and compliance episodes; verify each exchange's current security and custody disclosures rather than relying on brand reputation alone.
Who suits whom
If verifiable EU regulatory standing matters to you, Bybit is currently the stronger evidence — a confirmed, ESMA-checkable CASP authorisation that Binance cannot presently match. If you are outside the EU and weight scale, liquidity and product breadth above all, Binance's larger reported volume is a genuine consideration, subject to what your country permits.
If a clean security-incident history matters more than a well-documented recovery, weigh Bybit's February 2025 hack (and its subsequent full-reserve, audited recovery) against Binance's own historical scrutiny. Both lean heavily on derivatives, so leverage risk applies regardless of which you choose. Verify which entity serves your country, check it against your national regulator, and read the current terms before depositing on either. This is information, not financial advice.
Frequently asked questions
Which is more regulated, Binance or Bybit?
Bybit is the clearer case: its EU entity, Bybit EU GmbH, holds a full MiCA CASP authorisation granted by Austria's FMA on 28/05/2025, confirmed on the ESMA register. Binance has no confirmed EU MiCA CASP authorisation as of our latest check. Always verify each exchange's current status with your national regulator before depositing. This is information, not financial advice.
Is Bybit safe to use after its 2025 hack?
Bybit suffered the largest crypto exchange hack on record on 21 February 2025 (~US$1.5bn in ETH), attributed by the FBI to North Korea's Lazarus Group and caused by a compromised third-party Safe{Wallet} interface, not a direct breach of Bybit's own systems. Bybit covered the shortfall within roughly 72 hours and has since published 31+ Hacken-audited proof-of-reserves reports showing over 100% reserves, with no regulatory sanction against Bybit arising from the incident. Verify current reserve reports yourself before depositing. This is information, not financial advice.
Are Binance and Bybit safe for derivatives trading?
Both offer heavy derivatives products, and retail derivatives are banned or restricted in many jurisdictions because leverage sharply increases risk. Bybit holds a confirmed EU MiCA CASP authorisation via Austria; Binance does not have a confirmed EU authorisation as of our latest check. Confirm what is legal for you and never trade products you do not fully understand. This is information, not financial advice.
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