Bybit in Hong Kong: on the alert list

Is Bybit legal in Hong Kong? The short answer

Buying and holding crypto is legal in Hong Kong, and we know of no rule making it a crime for a resident to have held a Bybit account. But on every measure that matters for your money, Bybit sits at the bottom of the list. It has no licence from the Securities and Futures Commission (SFC). The SFC added it to its Suspicious Virtual Asset Trading Platforms Alert List on 14 March 2024. And Bybit’s own service agreement, in a version reported as dated 7 May 2026, lists Hong Kong as an “Excluded Jurisdiction”; the terms page timed out when checked on 6 October 2026, so that wording is reported rather than re-read by us.

So “is Bybit allowed in Hong Kong?” has a fairly blunt answer: the regulator has flagged it and the platform itself says it does not serve Hong Kong.

What the SFC says

Since 1 June 2023, operating a virtual asset trading platform in Hong Kong or actively marketing one to Hong Kong investors requires an SFC licence under Part 5B of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), and doing so without one is a criminal offence. The alert list is the SFC’s public warning tool for platforms it considers suspicious. Bybit was added on 14 March 2024 and the SFC announced the step in press release 24PR47.

Bybit keeps uncomfortable company on that list: MEXC, “Bitget Pro” and JPEX, whose 2023 collapse left more than 2,700 people claiming losses of over HK$1.6 billion. Being on the list does not mean Bybit is a JPEX. It does mean the SFC wants Hong Kong investors to stay away, and that is the signal we pass on.

The re-application: what it does and doesn’t mean

1. 1 Jun 2023Licensing regime begins

   Platforms serving Hong Kong must apply or prepare to leave.

2. 14 Mar 2024SFC adds Bybit to the alert list

   Announced in press release 24PR47.

3. 31 May 2024First application withdrawn

   The transitional period ends the next day.

4. 6 Jun 2025Spark Fintech re-applies

   Listed as an applicant, not deemed-to-be-licensed.

5. 6 Oct 2026Still pending

   No licence; SFC list last updated 29 May 2026.

Spark Fintech Limited, the Bybit-linked applicant, re-applied on 6 June 2025. That is worth knowing, and it may mean Bybit wants back in. But the application is not marked deemed-to-be-licensed, which is the transitional status that lets an applicant keep running an existing Hong Kong business while it waits. A pending, non-deemed application gives Hong Kong users no protection at all. If the SFC ever licenses it, we will rewrite this page; until then, treat Bybit as unlicensed and flagged.

What works for Hong Kong users, and what doesn’t

Searches like “bybit card hong kong” and “bybit pay hong kong” show that people still meet the brand through cards and payments. Our view is simple: a product from a platform on the SFC alert list is not one we will recommend, whatever its fees.

Risks of using Bybit from Hong Kong

A regulator’s warning on record. If a dispute ever arises, you used a platform the SFC had publicly flagged. There is no Hong Kong complaint route and no licensed custody standard.

Terms that exclude you. A platform that names Hong Kong as excluded can rely on that clause to restrict an account it identifies as Hong Kong-based.

P2P and bank freezes. Funding offshore platforms through strangers paying by FPS has led to frozen Hong Kong bank accounts, typically when the money turns out to be scam proceeds. Police treat lending or renting bank accounts as money laundering.

Clones and fake support. Hong Kong recorded 5,135 online investment fraud cases in 2025, with HK$3.58 billion lost and roughly a third involving virtual assets. Look-alike domains of real platforms are the main pattern in recent SFC alert-list entries.

Bybit withdrawals: getting funds out safely

If you opened a Bybit account before the restrictions, the goal is an orderly exit to a licensed platform and then to your own bank account.

1. Verify a licensed account first

   HashKey Exchange or OSL: HKID or passport, address proof and a knowledge test.

2. Export your records

   Download your Bybit trade, deposit and withdrawal history. Banks may ask about source of funds; see also crypto tax.

3. Withdraw to your own wallet

   Licensed platforms run travel-rule checks and may refuse transfers from unlicensed exchanges. A self-custody wallet you control is the usual stepping stone.

4. Prove ownership and whitelist

   Sign a message or make a small test transfer so the licensed platform can verify the wallet, then whitelist the address.

5. Test, deposit, sell, withdraw

   Send a small amount first on the correct network, then the rest. Sell for HKD and withdraw by FPS to your own account. Details in our cash-out guide.

Licensed alternatives and our pick

For HKD deposits and SFC protection, compare HashKey Exchange (CE BPL992; FPS and eDDA) and OSL (CE BPJ213; FPS, eDDA, cards and Apple Pay) in our HashKey vs OSL breakdown, or browse all 13 on the licensed platforms list. Note that perpetual futures on licensed Hong Kong platforms are limited to professional investors, and none had launched by October 2026; the licensed system does not replace Bybit’s derivatives for retail.

If you want an international platform for card purchases, choose one that does not exclude Hong Kong. Our editor’s pick, CEX.IO, was founded in 2013, does not list Hong Kong among its 30 unsupported jurisdictions, and serves Hong Kong customers through CEX OVRS LLC in Nevis, with Visa, Mastercard, Apple Pay and Google Pay purchases (0.49%–4.99% plus a service charge). It is not licensed by the SFC, so Hong Kong investor protection does not apply, and it has no HKD or FPS deposits.

Frequently asked questions

Sources

1. SFC press release 24PR47 (Bybit added to alert list) · 14 Mar 2024
2. SFC: Suspicious virtual asset trading platforms alert list · checked 6 Oct 2026
3. SFC: Lists of virtual asset trading platforms (applicants, withdrawn) · checked 6 Oct 2026
4. Hong Kong Police: 2025 law and order review (fraud figures) · 11 Feb 2026

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