Binance vs Bybit
Side-by-side comparison from our sourced exchange data. A dash means we haven't verified that fact — we don't fill gaps with guesses.
| Binance | Bybit | |
|---|---|---|
| Editorial score | — | — |
| Founded | 2017 | 2018 |
| Headquarters | — | Dubai, United Arab Emirates (relocated from Singapore in 2022) |
| Spot maker (base) | 0.1% | 0.1% |
| Spot taker (base) | 0.1% | 0.1% |
| Listed assets | ~600 | ~425 |
| KYC | Required | Required |
| Notably unavailable | United States (Binance.com), Iran, North Korea, Syria | United States, Canada, Mainland China, Hong Kong |
How they differ
Both are global derivatives-and-spot venues of similar vintage. Binance, founded in 2017, lists roughly 600 assets and offers card purchases plus a peer-to-peer marketplace. Bybit, founded in 2018 and headquartered in Dubai since relocating from Singapore in 2022, lists about 425 assets and organises its trading around a unified account model.
Base spot pricing is the same headline number on both: 0.1% maker and 0.1% taker. The differences sit around it. Binance discounts that by 25% to 0.075%/0.075% when fees are paid in BNB, with a volume-tiered VIP schedule above the base. Bybit applies its flat 0.1% to non-VIP users, charges 0.2% on Adventure Zone pairs, and lowers rates through VIP tiers as volume grows.
Verification is required on both, and both restrict a substantial list of markets. Binance requires all users to verify, limits unverified accounts to withdrawals, is closed to US residents on Binance.com, and has not opened new UK accounts since October 2023. Bybit requires at least Standard-level verification of its three tiers and excludes a longer list, including the United States, Canada, mainland China, Hong Kong, Singapore, Uzbekistan, Iran, North Korea, Cuba, Syria, Sudan and Russian-controlled regions of Ukraine.
The sharpest difference is incident history. Bybit lost roughly $1.5B in Ethereum from a cold wallet in February 2025 after a third-party multisig signing interface was compromised, an attack attributed to the Lazarus Group and the largest crypto exploit on record; it published a timeline and a recovery bounty offering 10% of recovered funds. Binance's 2019 hot wallet incident cost about $40.7M and was covered in full from its SAFU fund. On licensing, Binance holds Dubai VARA and ADGM FSRA permissions, while Bybit holds a UAE Virtual Asset Platform Operator licence and a provisional, non-operational VARA approval.