BingX

Is BingX safe?

BingX is a mid-table offshore exchange: it handled a large hack better than most and publishes regular reserve data, but it has no strict licence and is hard to pin to a legal home. We score it 51/100, close to Bitget and below Bybit (60), which also lost money to hackers but has more licences.

If you use it, the main risk is not a repeat hack. It is the lack of a regulator who could step in if BingX froze your account or ran into trouble.

What happened in the 2024 hack?

Early on 20 September 2024, blockchain monitors including PeckShield and Cyvers flagged unusual outflows from BingX hot walletsHot walletA crypto wallet connected to the internet, such as an app or an exchange's online wallet. It is convenient, but more exposed to hacking.More in the glossary on Ethereum, BNB Chain, Polygon and other networks. The first BingX post on X spoke only of "temporary wallet maintenance". Hours later the company confirmed a hack and called the loss "minor".

Outside estimates were not minor. PeckShield put the loss at about $43 million, SlowMist at $44.7 million and Cyvers at $52 million, the figure Halborn later used. The attacker used at least ten addresses and swapped stolen tokens into ETH. Halborn noted that several 2024 exchange hacks were "potentially attributed" to North Korea's Lazarus Group; that is the analyst's suggestion, not a confirmed attribution for BingX.

BingX's chief product officer, Vivien Lin, said every user loss would be covered from BingX's own capital and that about $1 million had been frozen with help from security firms. Withdrawals resumed in stages, starting with USDT, USDC, BTC, ETH, TRX and SOL. We found no later reports of unpaid customers, which keeps security in the rubric's "hack with full reimbursement" band. The vague first statement costs a few points.

Who runs BingX, and is it licensed?

BingX's client agreement, updated 2 September 2026, is between the user and Nieve Cruz PA Corporation. It does not say where that company is registered, sets Hong Kong law and sends disputes to arbitration at the Hong Kong International Arbitration Centre. It says the company "maintains full custody" of user funds and may freeze, withhold or set off assets in accounts it believes broke the rules.

In the EU, BingX EU has applied to Austria's Financial Market Authority for a licence under MiCAMiCAThe EU's Markets in Crypto-Assets Regulation, which requires crypto exchanges and other providers to be licensed and supervised.More in the glossary, the EU crypto law. BingX said in June 2026 that the application was at an advanced stage but that no authorisation had been granted. BingX is not on ESMA's register, and the agreement excludes US and Canadian users. We found no UK, US or Japanese licence.

Unusually for a large offshore exchange, we did not find bingx.com on the warning lists of the UK FCA, Japan's FSA or the Philippines SEC. British Columbia's regulator did list a look-alike site, x-bingx.net, in 2024, a reminder to type the address yourself.

Does BingX prove it holds customer funds?

More than most offshore rivals. BingX publishes a monthly Merkle-treeMerkle treeA way to combine many records into one short code, so that each person can check their own record is included without seeing anyone else's.More in the glossary snapshot for BTC, ETH and USDT, so a logged-in user can check that their balance was included. Its reserve page links reports from the accounting firm Mazars (from the post-FTX period) and the security firm Hacken (2025). In its July 2026 snapshot it reported reserve ratios of 142.82% for BTC, 126.48% for ETH, 131.83% for USDT and 124.41% for USDC.

What it does not show is the whole company. Reserve ratios cover customer coins; without audited accounts, you cannot see BingX's other debts or how the $150 million Shield Fund it advertises is held. Compare MEXC, which publishes similar monthly Hacken-checked ratios with even less legal clarity.

How to use BingX more carefully

1. Keep only trading money on BingX. Copy trading and futures are the reason most people use it, and both can lose money fast regardless of the exchange's safety.
2. Use an authenticator app or passkeyPasskeyA way to sign in without a password. Your device holds a key tied to one website or app and unlocks it with your fingerprint, face or PIN.More in the glossary, an anti-phishing code and a withdrawal address allowlist.
3. Type bingx.com yourself or use the official app; a Canadian regulator has flagged a look-alike BingX domain.
4. Check your country's status before depositing. EU residents should wait for a MiCAMiCAThe EU's Markets in Crypto-Assets Regulation, which requires crypto exchanges and other providers to be licensed and supervised.More in the glossary decision rather than use workarounds.
5. Verify your balance in the monthly Merkle snapshot now and then, and save the hash.

How we scored it

Legal record (70) is BingX's strongest factor: we found no fines, cases or regulator warnings naming its main site. Licensing (20) is the weakest, because the contracting company has no stated home and the MiCAMiCAThe EU's Markets in Crypto-Assets Regulation, which requires crypto exchanges and other providers to be licensed and supervised.More in the glossary licence is still pending. Security history (64) reflects a hack of about $43 million to $52 million that BingX says it covered in full, and reserves (58) monthly Merkle snapshots without audited accounts.