Bybit, the second-largest cryptocurrency exchange globally by trading volume, reported impressive advancements and some hurdles during 2025. The exchange saw its registered user base grow from 50 million to 80 million, while also achieving crucial regulatory milestones and sustaining considerable trading volumes amidst market challenges.
In July, Bybit successfully aligned its operations in Vienna with the EU”s Markets in Crypto-Assets (MiCA) regulations, gaining full compliance across European Economic Area (EEA) nations through authorization in Austria. Furthermore, in October, Bybit became the first platform in the UAE to secure an SCA Virtual Asset Platform Operator License, enabling it to offer comprehensive trading and custody services. The exchange also re-established its presence in the UK market by collaborating with FCA-regulated Archax to offer spot and peer-to-peer trading services while adhering to strict promotional regulations.
Security remained a paramount focus for Bybit, especially after facing a significant cyberattack in February attributed to North Korea”s Lazarus Group. This incident resulted in the theft of approximately $1.4 billion in Ethereum. However, Bybit”s quick response ensured that no client funds were lost, thanks to its 1:1 reserve guarantee. The exchange successfully replenished its reserves within 72 hours, managing over 350,000 withdrawal requests within the initial 12 hours post-incident. Additionally, Bybit”s recovery efforts included restoring BTC liquidity to $13 million daily within 30 days, surpassing industry standards. In response to the attack, Bybit enhanced its security measures, implementing over 50 upgrades.
Throughout 2025, Bybit Spot emphasized early asset listings, resulting in substantial gains for various tokens. Notably, TRUMP and TUNA experienced significant price increases upon their listings on the platform, showcasing Bybit”s forward-thinking strategy. Bybit Spot also took the lead in real-world asset tokenization by offering products like XAUT and xStocks, aimed at facilitating on-chain equity trading. The exchange maintained its innovative momentum with products such as Bybit TradFi and Bybit Earn, which integrated elements of traditional finance and provided diverse asset management solutions.
Bybit retained its status as the second-largest exchange by trading volume, recording a 24-hour spot trading volume of $9.1 billion on December 22, 2025. The exchange”s strategic initiatives included enhancing its platform to support both on-chain and off-chain activities. The decentralized exchange Byreal, built on the Solana network, achieved a remarkable $1 billion in cumulative trading volume within just 10 weeks of its launch. Additionally, Bybit TradFi emerged as a notable platform, integrating stocks, commodities, and indices with leverage options. Institutional engagement saw significant growth, with asset inflows rising from $1.3 billion in Q3 to $2.88 billion in Q4, while Bybit”s wealth management assets under management surged from $40 million to $200 million. Notably, the high-yield stablecoin product Mantle Vault reached $52 million in assets under management within a week of its introduction, further supporting institutional-grade DeFi liquidity solutions.
The highlight of 2025 was Bybit”s World Series of Trading (WSOT), which featured a prize pool of $10 million USDT and set a Guinness World Record for the most participants in an online trading competition within 24 hours. Held on August 27, the event recorded an impressive total trading volume of $172.8 billion. In a commitment to giving back, Bybit allocated 300,000 USDT from the competition to blockchain education initiatives through the Bybit Rising Fund, aiming to support scholarships and training in local communities.
Bybit”s achievements in 2025 illustrated a year characterized by resilience and growth, underpinned by a strong focus on regulatory compliance, security enhancements, and ecosystem development. These accomplishments set a solid foundation for ongoing expansion and innovation within the cryptocurrency landscape.
