14.04.2026 17:06
Bybit, the target of the largest crypto heist in history, is facing regulatory compliance issues in many countries. Experts indicate that Bybit's global regulatory problems could be compounded by new challenges in Turkey. Here are the details...
Bybit, the target of the largest crypto heist in history, is facing serious legal issues with regulatory authorities in many countries. Bybit's regulatory incidents include a $228 million settlement in the FTX case, a €2.25 million fine in the Netherlands, being blacklisted in France, operational restrictions in the UK and Canada, and a $1 million fine in India. Experts warn that Turkey could add another to Bybit's global compliance problems. This is because Bybit continues to operate its referral program, which is explicitly banned by the CMB, uninterrupted through Turkish influencers.
BYBIT FINED $228 MILLION IN THE FTX CASE
Bybit also had to face legal pressure following the collapse of FTX. The FTX bankruptcy estate filed a lawsuit against Bybit and its investment arm, Mirana, for approximately $1 billion in November 2023. It was alleged that Mirana used its VIP status to make priority withdrawals in FTX's final days, removing digital assets worth around $500 million from the platform during this process. The lawsuit concluded with a $228 million settlement in October 2024.
BYBIT FINED €2.25 MILLION BY THE NETHERLANDS
The Dutch Central Bank (DNB) imposed an administrative fine of €2.25 million on Bybit in October 2024 for providing crypto services in the Netherlands without legal registration. The DNB emphasized that crypto service providers play a critical role in combating money laundering and therefore the registration requirement cannot be bypassed.
BYBIT FINED BY CANADA AND INDIA
The Ontario Securities Commission (OSC) determined that Bybit was operating an unregistered securities trading platform. Bybit cooperated with the investigation and paid a fine of approximately CAD 1.9 million. Similarly, India's Financial Intelligence Unit (FIU-IND) imposed a fine of approximately $1 million on Bybit for operating without authorization.
FRANCE BLACKLISTED BYBIT
The French Financial Markets Authority (AMF) blacklisted Bybit starting from May 2022, publicly announcing that it was providing unauthorized crypto services. As a result of the pressure, Bybit shut down all its services in France in August 2024.
UK SUSPENDED BYBIT'S OPERATIONS
Bybit suspended its UK operations in October 2023 on the grounds that it did not comply with the updated marketing and compliance regulations of the UK Financial Conduct Authority (FCA). It is stated that regulatory restrictions have been imposed on Bybit in a total of 14 countries, including the Netherlands, France, and the UK, as well as primarily the USA, China, Singapore, and Canada.
RWANDA CENTRAL BANK RESPONDED TO BYBIT ON X
Bybit's regulatory violations recently came to the fore in Rwanda as well. The exchange announced a P2P service enabling crypto trading with the Rwandan Franc on April 3, 2026. The National Bank of Rwanda responded directly to Bybit's post within just two days, declaring that crypto assets cannot be used as a means of payment in the country, conversion with the Rwandan Franc is not possible, and P2P transactions involving FRW are illegal.
EXPERTS WARN: TURKEY COULD BE NEXT
Experts state that another sanction could be added in Turkey to the penalties Bybit faces due to its global regulatory violations. With Law No. 7518, which came into effect in July 2024, the Capital Markets Board (CMB) explicitly banned affiliate and referral programs targeting Turkish users by unlicensed foreign crypto platforms. Despite two years having passed, Bybit continues to operate its referral program uninterrupted through Turkish social media influencers and Telegram channels. Bybit affiliate links continue to be shared on accounts with hundreds of thousands of followers, and users are still being directed to leveraged trading. None of the examined posts contain the terms "advertisement," "sponsored content," or "collaboration." On the other hand, with the approach of the mandatory identity verification requirement, it is observed that some of these activities have shifted from X to Telegram channels. Experts state that the referral (affiliate) system is considered as providing unauthorized crypto asset services under Law No. 7518, and for this crime, imprisonment from 3 to 5 years and a judicial fine of up to 10,000 days are foreseen.