Bybit Restricted Countries: Untangling Crypto Regulations

The crypto sector is not only dynamic of innovations but also regulations. Perhaps, if you’re into derivatives trading, you’ve heard of the big players like Bybit and Binance. The former, specifically, is notably recognized for its comparatively low trading fees, making you wonder if your jurisdiction is among the names on the Bybit-supported countries list.

Bybit itself is globally recognized in well over 160 countries. It has expanded its presence across the Asia Pacific, the Middle East, Africa, Europe, South America, and other regions where crypto continues to ride the wave of innovation.

As the crypto trends continue to gain momentum, Bybit is likely to explore new markets. However, where is it currently available? Can you use Bybit in the US? Hop on board as I answer these questions and more.

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What Is Bybit?

Before going into the intricacies of Bybit-restricted countries, let me begin by introducing you to this platform. Established in 2018, Bybit is a centralized exchange (CEX) that continues to grow as one of the largest in the world by trading volume. As of writing and based on BitDegree’s tracker, it is placed in the second position trading volume wise, closely following Binance.

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Bybit was founded by Ben Zhou, an ex-international currency broker. There’s a bit of an interesting story behind the platform’s founding, actually. While the exchange does have roots in Singapore and Hong Kong, it is currently headquartered in the UAE, with its business incorporated in the British Virgin Islands.

This story alone probably gives you sufficient background on Bybit’s footing in the international world. Traders around the globe, from beginners to experts, particularly appreciate the platform for its exceptionally low fees.

So, you can choose between conventional spot trading or derivatives trading with a leverage of up to 200x if you fancy a bit of risk. Aside from the classic options like Bitcoin and Ethereum, you’ll find 1,400+ crypto coins or tokens and 600+ spot trading pairs in the platform’s catalog.

Interesting, right? Perhaps now you’re considering to become a Bybit US customer… But wait! Is Bybit available in the US or the region you’re living in? Let’s not hit the brick wall, shall we? And let me take you to an overview of Bybit-restricted countries.

General Overview of Bybit Restricted Countries

Regarding Bybit-restricted countries, long story short… the journey for this platform hasn’t been all that smooth. And yet, Bybit prevails due to its strong positioning as a safe and secure trading platform.

Reading Bybit’s service agreement, specifically section 12.3, we can get a clue on whether or not can you use Bybit in the US, among other countries. Here is a quick list of jurisdictions excluded from Bybit’s supporting countries:

• United States
• United Kingdom
• Mainland China
• Singapore
• Canada (specifically Quebec and Ontario)

As you are probably aware or unaware of, these countries are generally pretty strict when giving out permissions to crypto exchanges, not only to Bybit but also huge names like Binance. If you’re curious as to why there is no such thing as Bybit USA or Canada, you’re in the right place—I’ll talk more about the local regulatory nuances in area-specific sections a bit later.

Aside from restricting Bybit US customers, the crypto exchange is unfortunately not operable in countries where there are geopolitical tensions. These include North Korea, Iran, Uzbekistan, Russian-controlled regions of Ukraine (Crimea, Donetsk, and Luhansk), and Syria.

That said, the terms of Bybit-supported countries constantly change. So, will there be Bybit USA or Canada in the future? The platform’s trajectory is worth keeping an eye on.

As of writing, we know that Bybit is available in 160+ countries across Asia Pacific, Europe, the Middle East, Africa, and South America… catering to more than 40+ million crypto holders and traders. So now, let’s get onto this discussion.

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Bybit Licenses and Regulations

Before traveling to Bybit-supported countries, let’s retreat to the starting point. As one of the most frequently-used crypto trading platforms, Bybit is 100% authorized by Dubai’s Virtual Assets Regulatory Authority, where its main office is situated.

After its launch in 2018, Bybit’s developers and investors went on to seek guidance from regulators. However, as with any emerging technology, experimentation is inevitable, causing an ongoing shift^[1] that makes it challenging to address questions like “Does Bybit work in the US?”, geographically speaking.

Despite the unpredictable terrain, Bybit remains steadfast in strengthening its global market foothold. One of the recent waves from the platform was obtaining a license from Cyprus’ regulatory authority.

In particular, Cyprus was known as one of Europe’s earliest and, therefore, is one of the most progressive adopters of advanced crypto regulatory frameworks, even before the Markets in Crypto Assets regulation (MiCA) took hold in the EU.

Registered as Bybit Fintech FZE in the British Virgin Islands, where the business was born, this major exchange has also secured compliance in nearly all of its operating jurisdictions. However, not all the licenses Bybit owns in these jurisdictions are “official”, per se. So, it could be said that Bybit often operates in the “gray area” when it comes to regulatory compliance.

This just goes to show how dynamic and challenging the crypto sector can be. Let’s take a magnifying glass and zoom in on the countries Bybit supports and does not. More importantly, as a trader, find out where you are positioned in all of these.

Is Bybit Available in the United States?

The US cracks the top 3 in terms of global crypto ownership, and many American traders have been wondering, “how can I use Bybit in the US?”. Sadly, the US is not on the list of Bybit-supported countries.

You may be hoping that there’ll be Bybit USA. Unfortunately, nothing has been confirmed yet.

If you have been searching for how to use Bybit in the US, you may find a suggestion to use a Virtual Private Network (VPN). However, per Bybit’s Terms of Service, accessing the platform via the VPN is considered a violation.

Of course, the use of a VPN itself is not inherently illegal. Crypto traders, from time to time, may activate the VPN as an extra layer of security when conducting trades. That said, in order to maintain accountability and prevent illicit activities, Bybit must comply with the laws of the jurisdictions where their services are banned—and so must you.

Now, what will happen if you're caught red-handed? The detention can be as minor as an account suspension or termination. This can extend to moderate or severe consequences, like losing all of the funds stored in your account. There may be legal consequences, too, depending on the severity of the crime. In any case, it’s better to be safe than sorry.

So, you’ve come to realize the answer to “Is Bybit available in the US?” is that it’s not available…. but what if you’re on a travel? Technically, you’ll be able to access the exchange online. However, any US resident won’t be able to pass Bybit’s rigorous Know-Your-Customer (KYC) process, which will unlock the trading features on the platform. 

To be exact, when figuring out is Bybit available in the US, there has been increased scrutiny on the government’s side. This country has seen a tremendous impact of Web3 on its economy, recording the largest global revenue at billions of dollars.

Consequentially, when Bitcoin halved, the US stock market saw negative reactions.^[2] Jerome Powell, the chair of the US Federal Reserve, warned how cryptocurrencies are highly volatile and may carry potential risks to users and the broader financial system.

The scrutiny further intensified when the US-armed exchange, FTX, infamously imploded with its CEO, Sam Bankman-Freid, getting convicted of fraud. Since then, the Securities and Exchange Commission (SEC) has grown extremely stern in reviewing all crypto institutions. 

Not only Bybit, Binance and Coinbase have followingly been under the purview of US regulatory bodies. Kraken had to settle a $30m fine and let go of its staking-as-a-service business. The SEC has made the regulatory requirements overly difficult for most crypto exchanges, making the usage of Bybit in the US impossible, as of now. 

Can I Use USD in Bybit?

Whether or not you can use Bybit in the US aside, USD is one of the main currencies accepted for trading on this versatile platform. Uniquely, Bybit offers inverse perpetual crypto-fiat trading pairs like BTC/USD. 

Additionally, you can also convert your USD into USDT (Tether) or USDC (USD Coin), which are two of the most popular coins pegged to the value of American Dollars. There are expansive pairs coupled with USDT, such as SOL/USDT and ETH/USDT, which you can process via the debit/credit card and the platform’s very own P2P service.

Followingly, around 100 USDC pairs can be found on the spot and derivatives market. Bybit has also recently announced their plans to add meme coin pairs like PEPE/USDC and BRETT/USDC, as of writing. 

Your options for explorations don’t stop there. For instance, you can stake USDT and potentially earn passive income through Bybit Launchpool or Web3 staking. Terms and conditions do apply, so know your risks before proceeding!

Is Bybit Available in Europe?

As an American trader, you’re probably saddened by the fact that you cannot use Bybit in the US. More positive news is coming to light for European traders, though, as the majority of this continent is covered in Bybit-supported countries!

Starting on a bright note, cryptocurrency is legal in the European Union. This was made official by the establishment of MiCa as of June 2023, the all-in-one framework that governs crypto issuance, offering, trading, and custody.

As a European trader, MiCa protects your consumer rights. Although there may be challenges related to costs and regulatory restrictions overall, you can enjoy benefits like increased security, transaction transparency, and crypto-asset market legitimization, including Bybit.

Thanks to the official licensing from CySEC, the platform has a lot in store for Europe. After the headwinds that resulted in the impossibility of using Bybit in the US, the EU has played a crucial part in strengthening its billion-dollar crypto market.

Bybit taps into this by onboarding users from the defunct FTX exchange into its platform, introducing a greater spread of EUR spot pairs like PEPE/EUR, ONDO/EUR, and SHIB/EUR. As of today, EU traders make up a considerable portion of Bybit’s 40 million user base.

As a reward, Bybit waives foreign exchange (FX) fees for Mastercard holders in seven countries, namely Poland, Croatia, Bulgaria, Denmark, Sweden, Hungary, and the Czech Republic.

Walking a bit further, Bybit has found its home in the Netherlands market, where it’s now the #2 largest exchange. The platform has just officiated its Amsterdam office, blossoming its role in the land of Tulip.

In Germany, Bybit is the third most popular, attracting interest for its comprehensive derivatives market and secure, user-friendly deposits in EUR.

More on these benefits, Bybit expands its partnership to provide trading convenience for EU crypto enthusiasts, such as the integration of Google Play’s one-click purchase that accepts 35 European currencies. Going forward, Bybit continues to foster a warm and vibrant crypto ecosystem in the EU.

Keep in mind, as you’re unraveling “Can I use Bybit in the US?”, you may find that the platform is also inaccessible in prominent EU countries. Recently, Bybit has announced its service discontinuation in France. The platform’s operations have not been legalized in Spain, either. Let’s see what’s to come!

Is Bybit Available in the UK?

As you’re browsing can I use Bybit in the US, you may consequentially discover that the UK is amongst Bybit-restricted countries, as well.

The story of why Bybit UK is unavailable is akin to the US counterpart, theme-wise, but in different contexts. Although the UK has legalized cryptocurrency since its introduction, the region has specifically formed stricter regulations for crypto exchanges.

Bybit was actually live for some time as one of the top exchanges in the UK, where users would actively trade on the platform. However, the Bybit UK exchange decided to stop its operations in light of the Financial Conduct Authority’s new rules around marketing and communications in 2023.

Ben Zhou, Bybit’s CEO, emphasized on the Telegram community that they weren’t planning to leave the UK. Despite the reassurance, the platform has been actively advertising to UK clients but found it incredibly hard to receive a green light from the FCA.

Effective October 8, 2023, Bybit UK customers can no longer open a trade position on the exchange. The Dubai-based company also notifies Bybit UK users via their website to close all active trades and withdraw their funds.

That said, Bybit still supports the British Pound Sterling (GBP). You can even convert this fiat into BTC, MODE, NEXT, BONUS, or vice versa; liquefying USDT or other assets into GBP. Note that there are daily or monthly withdrawal limits, depending on your method of purchase.

Is Bybit Available in Australia?

If you’re an Aussie trader, you may be dejected by the fact that Bybit does not work in the US. No need to worry—Australia is definitely on the list of Bybit-supported countries.

The land of kangaroos has seen a surge of cryptocurrency adoption among individuals and businesses, dating back to the early 2010s (the Bitcoin boom) and going steady to this day. In 2023, 15% of Aussies were estimated to own crypto assets, but the most active traders were the Australian youth aged 18 to 24.

As the crypto adoption rate continues to increase in Australia, outpacing the US and the UK, government bodies have decided to implement friendlier regulations toward crypto and blockchain technology.

Bybit may not have been enrolled by the Australian Transaction Reports and Analysis (AUSTRAC), but this doesn’t mean that the platform is evading local regulations. Bybit is still one of the legal exchanges to operate in Australia, reporting to the region's government and complying with anti-money laundering (AML) with its leveled KYC procedures. 

Remember, if you’re a trader on the platform, report your crypto transactions and tax responsibilities to the Australian Taxation Office (ATO)! By doing so, you’re also contributing to upholding the safety of the crypto and the entire Australian financial ecosystem.

As of now, Bybit is sitting in the top 3 crypto exchanges in Australia. There’s a lot to this platform that sparks the attention of Australians, particularly the ease of trading crypto with AUD via various payment gateways like Visa/Mastercard, Apple Pay, and Google Pay. Note that you cannot make any deposit in AUD, but you can use USD without additional charges.

In March 2024, the exchange also made the Bybit card available in Australia. What’s unique about this card is its multi-asset spending feature that can automatically convert five supported cryptocurrencies (BTC, ETH, and USDT) into fiat.

Going into Bitcoin and Ethereum, Bybit offers plenty of derivative margin options, up to 100x normal leverage (and 200x with smart leverage), for these coins’ trading pairs. Aside from that, the other most popular crypto coins in Australia (Ripple and Litecoin) are also available to buy, sell, trade, and hold on the platform.

Is Bybit Available in Asia?

So far, we’ve delved into Bybit’s availability in the US, Europe, the UK, and Australia. Sure, there have been disappointments, but also some enlightenment. However, the puzzle pieces won’t be complete as we haven’t yet discussed the Bybit-supported countries in Asia, the largest continent in the world.

Yes, Asia is huge, and so is its interest in cryptocurrency. Perhaps, let’s take our travels slow, starting from East Asia. You’ll be glad to find that Japan, South Korea, Taiwan, and Hong Kong are amongst the countries Bybit supports and even leads.

One exception is China, where cryptocurrency is banned. That said, Bybit encourages mainland citizens living outside their home country to open accounts and trade on the platform. 

Now, going to South Asia. All countries here, most prominently India, are included on the list of countries Bybit supports. 

How about Southeast Asia? This region has been a hot hub for crypto. If you’re living in Malaysia, Indonesia, the Philippines, Thailand, etc… you can freely use Bybit. The story is different if you’re Singaporean, though. 

If you recall, the complexities around Bybit's legality in the US, Singapore also imposes pretty rigid cryptocurrency regulations. That said, the country has become more welcoming in the past few years.

Finally, there’s the Middle East. Technically, this region is part of three continents at once: Africa, Asia, and Europe, but let’s discuss it while we’re here. Since Bybit has its HQ in Dubai, it’s pretty flexible for UAE traders all around to use the platform.

So, yes, thankfully… the answer to Bybit’s operations in Asia is not as bleak as the answer to is Bybit legal in the US. As the crypto adoption rates continue to boom in the following years, we can expect hopeful changes in the Asian continent. 

Is Bybit Available in Canada?

After having some insights into can I use Bybit in the US, you may also want to know if the platform is accessible in its neighboring country. Is there such a thing as Bybit Canada? Unfortunately, the maple-leaf country is included on the list of Bybit-restricted countries.

Bybit was actually live for some time as one of the exchanges in Canada until the new guidance related to stablecoins and investor limits came into effect in 2023. Joining Binance, Bybit Canada decided to let go of its hold. Particularly, Bybit couldn’t comply with the Canadian Securities Administrator's (CSA) request to eliminate stablecoins and leveraged tradings.

As of May 31, 2023, creating new accounts on Bybit Canada wouldn’t be possible anymore. The Bybit Canada exchange users could no longer deposit funds or trade starting from July 31, 2023. Finally, on September 30th, Bybit urged the Canadian investors to close their positions and liquefy their assets.

What If I Can’t Use Bybit?

Don’t be sad if your home residence is on the list of Bybit-restricted countries. There are other crypto exchange alternatives in the United States and other regions, just as secure and extensive as Bybit, that you can try out.

If you’re an American trader interested in leverage trading, Kraken is the way to go. Just like Bybit, the maximum leverage for margin trading is within the healthy ratio (up to 5x). 

Best of all, Kraken is registered with the US FinCEN (Financial Crimes Enforcement Network). Although Kraken is not available to all US residents (specifically those in New York and Washington), it has gained a substantial following for its 200+ cryptocurrency spread, relatively low trading fees, and top-notch security. Aside from Kraken, another top US exchange to try out is Coinbase.

	KRAKEN	COINBASE
Overall Score	9.4	9.1
Best For	Best for Beginners	Buying, Selling, and Managing Cryptocurrencies
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	United States, United Kingdom, Germany, Canada, France, + 100 more
Latest Coupons	Visit Site All Kraken Coupons	GET $200 REWARD All Coinbase Coupons
Verdict	One of the best crypto exchanges.	A reliable, well-known and respected cryptocurrency exchange platform.
	Visit site Read review	Visit site Read review

Table: Kraken VS Coinbase comparison.

Looking ahead, maybe we’ll see positive progress when it comes to using Bybit in the US, Canada, UK, or other restricted countries. For now, let’s prioritize safe trading on alternative exchanges that are just as established and trustworthy.

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Conclusion

Bybit is a reputable CEX that global audiences love for its in-depth derivatives trading and comparatively low maker/taker fees. There are 160+ names on the list of Bybit-supported countries, spanning Europe, the Middle East, Asia Pacific, and Africa.

Is Bybit legal in the US, UK, Canada, China, and Singapore? The answer to all these is no. The US, the UK, and the aforementioned nations are known for their tight regulatory frameworks around crypto exchanges. Furthermore, as stipulated in the ToS, Bybit is unfortunately restricted in countries that experience geopolitical conflicts.

Don’t despair. There are reputable alternatives to try out, like Kraken or Coinbase. If you reside in a country Bybit supports, well, lucky you. Try the platform out, and I bet you won’t be disappointed by its offerings.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Emmert, F.: ‘The Regulation of Cryptocurrencies in the United States of America’;

2. Alsharari, N.: ‘Accounting and Finance Innovations’.