Is Bybit profitable in 2026?

Bybit discloses no audited financials. Datanyze estimated revenue at roughly 1.8 billion dollars as of June 19, 2026, an unverified figure. The company survived a 1.5 billion dollar hack in February 2025 by restoring reserves within 72 hours via emergency liquidity from Galaxy Digital, FalconX, and Wintermute.

Who is Bybit's biggest competitor?

Binance, which held roughly 32 to 40 percent of spot volume and 35 to 36 percent of derivatives volume as of July 19, 2026, versus Bybit's 9 to 12 percent spot and 10 percent derivatives share, per TokenInsight data cited that day.

Could AI replace Bybit's business?

Unlikely for its core: custody, licenses like the UAE VAPO and EU MiCAR authorization, and liquidity relationships aren't AI-replaceable. Bybit's TradeGPT assistant, which reached 5 million-plus users by August 2025, is a feature layered on top, not a replacement for the exchange itself.

Who owns Bybit and where is it based?

Bybit is privately held, founded in March 2018 by Singaporean entrepreneur Ben Zhou who remains CEO. It is registered in the British Virgin Islands and relocated its headquarters to Dubai, UAE in 2022, per Wikipedia as of July 16, 2026.

Yes. Bybit suffered a 1.5 billion dollar hack in February 2025, the second-largest in crypto history, attributed to North Korea-linked actors. The exchange replenished reserves within 72 hours using emergency liquidity from Galaxy Digital, FalconX, and Wintermute.

Is Bybit banned in the United States?

Yes, as of July 16, 2026, Bybit remained blocked from operating in the United States, per Wikipedia. It also faces pending Australian AFS licensing since January 1, 2026, and was added to Singapore's MAS alert list in June 2026.

Payments companies · Singapore

Bybit

bybit.com ↗

Bybit is the world's #2 crypto exchange for spot and derivatives trading.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Q3 2026 volume data and possible layoff announcement if decline from Q2's 20.9% drop continues

The call

Bybit is a profitable, resilient number two that survived a historic hack, but it sits permanently in Binance's shadow with no wall Binance can't also climb.

Bybit runs a cryptocurrency trading platform where people buy, sell, and bet on price swings. It is the second biggest exchange by volume and makes real money, but it competes directly against Binance, which is three to four times larger and can do everything Bybit does. The one thing that matters most: if Binance cleans up its regulatory problems faster than Bybit builds trust with big institutions and governments, Bybit loses its only advantage, and the company becomes much riskier to bet on during the next crypto downturn.

Why

AI pressure: None apparent. AI doesn't replace exchange matching or custody, but AI-built phishing and deepfakes now hit Bybit's security perimeter harder. Could AI do the core job? Unlikely.

Bigger players: Binance. Binance runs 3 to 4 times Bybit's volume in spot and derivatives and holds no license Bybit couldn't also chase. Could a giant copy it? Yes, easily.

What protects it. 80 million users, #2 scale, and licenses in specific markets that took years to secure and rivals can't copy overnight.

What would change this call

Bybit's status on Singapore MAS Investor Alert List by end of 2026. Shows whether regulatory friction is easing or spreading to more markets.
Any layoff announcement following Q2 2026 volume drop if Q3 2026 volumes keep declining. Shows whether the historical 30% cyclical cut pattern repeats.
Whether Bybit suffers another major security breach in the next 18 months. Shows whether trust and custody moat is holding against North Korea linked attackers.

Key numbers

Bybit holds 9-12% spot market share vs Binance's 32-40% (2026-07-19)
Q2 2026 crypto volumes fell 20.9% quarter over quarter (2026-07-15)
Bybit suffered a $1.5B hack in February 2025 (2025-02-01)

Named risks

North Korea-linked hacking attacks on exchanges accelerating roughly 2x pace in 2026. Severity: high
Regulatory friction spreading: MAS alert list June 2026, US ban, pending Australia AFS license. Severity: high
Historical pattern of cyclical layoffs during crypto downturns, as in 2022 (two 30% cuts). Severity: medium
Leadership transition risk after Co-CEO Helen Liu's departure, effective April 30, 2026. Severity: medium
Financial opacity: no audited public financials, revenue and traction figures self-reported. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Binance	losing to	Binance held 32-40% spot vs Bybit's 9-12% as of 2026-07-19, roughly 3-4x larger
OKX	contesting	Named as closest peer exchange competing on same product breadth as of 2026-07-21
Coinbase	contesting	Cited as leading regulated US-listed incumbent Bybit cannot yet access, 2026-07-21
Kalshi/Polymarket	gaining on	Prediction markets drawing volume from traditional derivatives venues, per TokenInsight 2026-07-19

Questions people ask

Is Bybit profitable in 2026?: Bybit discloses no audited financials. Datanyze estimated revenue at roughly 1.8 billion dollars as of June 19, 2026, an unverified figure. The company survived a 1.5 billion dollar hack in February 2025 by restoring reserves within 72 hours via emergency liquidity from Galaxy Digital, FalconX, and Wintermute.
Who is Bybit's biggest competitor?: Binance, which held roughly 32 to 40 percent of spot volume and 35 to 36 percent of derivatives volume as of July 19, 2026, versus Bybit's 9 to 12 percent spot and 10 percent derivatives share, per TokenInsight data cited that day.
Could AI replace Bybit's business?: Unlikely for its core: custody, licenses like the UAE VAPO and EU MiCAR authorization, and liquidity relationships aren't AI-replaceable. Bybit's TradeGPT assistant, which reached 5 million-plus users by August 2025, is a feature layered on top, not a replacement for the exchange itself.
Who owns Bybit and where is it based?: Bybit is privately held, founded in March 2018 by Singaporean entrepreneur Ben Zhou who remains CEO. It is registered in the British Virgin Islands and relocated its headquarters to Dubai, UAE in 2022, per Wikipedia as of July 16, 2026.
Was Bybit hacked?: Yes. Bybit suffered a 1.5 billion dollar hack in February 2025, the second-largest in crypto history, attributed to North Korea-linked actors. The exchange replenished reserves within 72 hours using emergency liquidity from Galaxy Digital, FalconX, and Wintermute.
Is Bybit banned in the United States?: Yes, as of July 16, 2026, Bybit remained blocked from operating in the United States, per Wikipedia. It also faces pending Australian AFS licensing since January 1, 2026, and was added to Singapore's MAS alert list in June 2026.

Timeline

2026-07-16Bybit acquires majority stake in Indonesia's NOBI, launches Bybit Indonesia under OJK regulation
2026-06-17Bybit added to Singapore MAS Investor Alert List; exits Malaysia watchlist same period
2026-04-30Co-CEO Helen Liu's departure takes effect
2026-03-07Bybit announces departure of Co-CEO Helen Liu
2026-01-29Bybit unveils 2026 Vision, repositioning as full financial platform with MyBank
2025-12-08Bybit announces full UAE VAPO virtual asset platform operator license
2025-07-10Bybit EU GmbH authorized under MiCAR by Austria's FMA, effective May 2025
2025-02-01Bybit suffers 1.5 billion dollar hack, second-largest in crypto history

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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