Quick answer: Yes, it is legal for Australians to access and use Bybit — there’s no law banning offshore crypto exchanges. But Bybit is not registered with AUSTRAC and holds no ASIC licence, and as of July 2026 it no longer supports AUD deposits/withdrawals. For most Aussie traders, an AUSTRAC-registered local exchange is now the more practical and better-protected option.
Is Bybit legal in Australia? It’s a reasonable question, and the answer has gotten more nuanced over the past year as Australia’s crypto regulation has caught up with the industry.
In this article, we’ll look at Bybit’s actual regulatory status in Australia, what’s changed recently, and what to weigh up before you sign up.
What is Bybit?
Bybit is a crypto derivatives exchange that launched in 2018, headquartered in Dubai, with Ben Zhou as CEO. It offers crypto futures, perpetual contracts, options, and spot trading through web and mobile apps.
We’ve done an extensive review of Bybit covering fees, security, and tradable assets if you want the full picture of what the exchange offers.
Is Bybit Legal in Australia?
Yes — using Bybit is legal for Australian residents. Australia is not on Bybit’s list of restricted jurisdictions, and there’s no Australian law that prohibits citizens from using an offshore cryptocurrency exchange.
Bybit’s currently restricted countries include:
- United States
- Chinese Mainland
- Hong Kong
- Singapore
- Canada
- North Korea
- Cuba
- Iran
- Uzbekistan
- Russian-controlled regions of Ukraine (Crimea, Donetsk, Luhansk)
- Sevastopol
- Sudan
- Syria
- Dubai
Australia isn’t on this list — but “not restricted” is a different thing from “regulated,” and that gap matters more now than it used to.
As of July 2026, Australia does not appear on Bybit’s official Excluded Jurisdictions list, meaning new sign-ups remain open. This can change — Bybit has added and removed other countries from this list within the same year — so it’s worth checking Bybit’s own restricted countries page directly before signing up.
What’s changed in 2026:
ASIC’s INFO 225 guidance confirms that many digital assets already count as financial products under existing Australian law, and platforms offering them need an ASIC licence — with a 30 September 2026 deadline to apply. The Corporations Amendment (Digital Assets Framework) Act 2026 brings in a full licensing regime from April 2027. Bybit does not currently hold an AUSTRAC registration or an ASIC financial services licence, and does not support AUD deposits or withdrawals. That puts it outside the group of exchanges positioning themselves for the new regime.
Bybit vs. AUSTRAC-Registered Alternatives
If you want AUD banking rails, ASIC oversight, or you’re simply not confident navigating an unregulated offshore platform, here’s how Bybit stacks up against Australian-facing alternatives:
Exchange |
AUSTRAC Registered |
ASIC Licensed (AFSL) |
AUD Deposits/Withdrawals |
Best For |
|---|---|---|---|---|
Bybit |
No |
No |
No |
Advanced traders comfortable with offshore/unregulated risk |
OKX |
Yes |
Yes (derivatives, wholesale clients) |
Yes |
Full local licensing plus derivatives access |
eToro |
Yes |
Yes (AFSL 491139) |
Yes |
Traders wanting full ASIC oversight |
CoinSpot |
Yes |
Pending 2026 deadline |
Yes (free PayID) |
Widest coin range, beginners |
Swyftx |
Yes |
Pending 2026 deadline |
Yes |
Easiest to learn on |
Kraken |
Yes |
Pending 2026 deadline |
Yes (free PayID/Osko) |
Tier-1 global exchange, strong security track record |
Binance Australia |
Yes |
Pending 2026 deadline |
Yes (PayID restored Jan 2026) |
Deep liquidity, low fees for active traders |
Coinbase |
Yes |
Pending 2026 deadline |
Yes |
Publicly listed, high corporate transparency |
CoinJar |
Yes |
Pending 2026 deadline |
Yes |
Oldest AU platform, crypto debit cards |
Note: Under the Digital Assets Framework, all platforms — including current AUSTRAC-registered ones — must apply for an ASIC licence by 30 September 2026. Confirm current licensing status directly on ASIC’s Financial Services Register before depositing funds anywhere.
OKX
eToro
CoinSpot
Swyftx
Kraken
Binance Australia
Coinbase
CoinJar
Security: Is Bybit Safe?
Setting regulation aside, Bybit does maintain solid technical security practices: cold wallet storage for the majority of user funds, multi-signature technology, and DDoS protection. The exchange has operated for over 5 years without a major hack, and processes tens of billions of dollars in daily trading volume across more than 21 million registered users globally.
That said, technical security and regulatory protection are two different things. Bybit’s KYC/AML processes are its own internal policy, not something enforced or audited by an Australian regulator — so if something goes wrong, Australian users don’t have the recourse that AUSTRAC or ASIC oversight would normally provide.
How Australians Can Verify a Legit Crypto Exchange
Whichever platform you’re considering, run through this checklist:
- AUSTRAC registration — required for any crypto business operating in Australia; verify directly on the AUSTRAC website.
- ASIC licensing status — check the ASIC Financial Services Register, especially with the September 2026 licensing deadline approaching.
- Other licenses — international registrations (e.g. Dubai’s VARA, Cyprus’s CySEC) show the platform follows some financial watchdog’s rules, even if not Australia’s.
- Security practices — cold storage, KYC/AML, fund segregation, secure APIs.
- Leadership & backers — research the executive team and investors.
- Reputation — check trusted crypto communities for recurring complaints about withdrawals, support, or technical issues.
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Final Verdict
Bybit is legal for Australian residents to access — there’s no law against it. But it is not AUSTRAC-registered, holds no ASIC licence, no longer supports AUD banking, and falls outside Australian consumer protections. With the Digital Assets Framework’s licensing deadline approaching, Australian traders are better served by an AUSTRAC-registered platform such as CoinSpot, Swyftx, or eToro, which offer local banking rails and a path to ASIC oversight that Bybit currently lacks.
Note: We’re not linking directly to Bybit sign-up in this article, given the platform’s own recent restrictions on promoting its service to Australian residents.
FAQs
1. Is Bybit legit in Australia?
It’s a legitimate, established exchange with a long operating track record, but it isn’t regulated in Australia by ASIC or AUSTRAC.
2. Can you use Bybit in Australia?
Yes, Australians can access and trade on Bybit. However, Bybit no longer supports AUD deposits or withdrawals, so you’ll need another currency route to fund your account.
3. Does Bybit accept Australian clients?
Yes, Bybit doesn’t restrict Australian sign-ups. Its website and support are available in English, but it doesn’t hold Australian licensing.
4. Is my money safe using Bybit from Australia?
Bybit’s technical security (cold storage, DDoS protection, 5+ year hack-free run) is solid, but as an unregulated offshore platform for Australian purposes, you don’t have ASIC or AUSTRAC-backed recourse if something goes wrong.
5. What does Bybit offer that AUSTRAC-registered exchanges don’t?
Mainly derivatives depth — high leverage, perpetual swaps, inverse futures — products most AUSTRAC-registered Australian exchanges don’t provide. That gap comes with the regulatory trade-offs covered above, which is why we point Australian traders toward regulated alternatives.