BingX Review 2026: Is It Safe? The 2024 Hot Wallet Hack, Proof of Reserves, Regulatory Warnings, Licences, Fees and Sign-up

This article compiles BingX’s official information, regulators’ notices and public reporting.

The short version: BingX was founded in 2018 and says it serves more than 40 million users. Its proof of reserves is published monthly, and the report of 15 July 2026 showed BTC 142.82%, ETH 126.48%, USDT 131.83%. BingX also says it has a US$150 million protection fund of its own money. Three negative records are worth knowing: a hot wallet hack in September 2024 of about US$43 million or more; Malaysia’s Securities Commission and India’s Financial Intelligence Unit have both named it as unauthorised; and its EU MiCA authorisation is still pending. Regular users pay 0.1% on spot.

This article is a compilation of information. It is not investment, tax or legal advice. Fees, rates, licences and service regions can change; every figure here is dated, so check BingX’s official pages before you act. Crypto prices are volatile, and keeping assets on an exchange carries the risk of the exchange itself.

BingX key factsData checked: 2026-10-08

As of 2026-10-08, BingX's general-user spot taker fee is 0.1% and its futures taker fee is 0.05%; signing up with the invitation code gives a 45% trading fee discount. Its 2026-09-15 proof of reserves showed BTC 146.52%, ETH 128.32%, USDT 122.17%.

Item	Details	Source
Jason Finance rating	64 / 100	rating method
Highlights	BTC reserve ratio 146% 2024 hack, pledged to cover losses
General-user fees (taker)	Spot 0.1%, futures 0.05%	2026-10-08
Invitation code fee discount	45% trading fee discount	2026-10-07
Proof of reserves	2026-09-15 (monthly): BTC 146.52%, ETH 128.32%, USDT 122.17%	2026-10-08
Order book depth (±2%)	BTC/USDT about 19.1M USD, ETH/USDT about 16.1M USD	2026-10-08

What kind of exchange BingX is

The user figure and sponsorships come from BingX’s About page; the registration and volume are a same-day snapshot from CoinGecko; the Panama City claim comes from DL News; and the product chief’s appointment is in a BingX press release. The name of the European entity comes from a warning notice by Belgium’s FSMA.

Compared with OKX and Bybit, BingX discloses less about itself: its website does not name a founder or CEO, and its operating entities have to be pieced together from regulators’ notices and third-party data.

Is BingX safe?

Proof of reserves: monthly, checkable with a Merkle tree

A proof of reserves compares what an exchange holds in its wallets with the total of all user balances. A ratio of 100% or more means that, at the moment of the snapshot, the exchange held enough coins to cover every user balance.

On its proof of reserves page, BingX says it publishes a Merkle tree once a month, and after logging in you can use a Hash ID to check that your BTC, ETH and USDT balances were included. When BingX launched its “Trust Center” on 30 July 2026, it published the report of 15 July (Thailand Business News):

The data box at the top of this article shows the latest snapshot found on 8 October 2026 (15 September): BTC 146.52%, ETH 128.32%, USDT 122.17%.

Points to keep in mind:

• The proof of reserves page lists two attestation reports, from Mazars and from Hacken (2025). The Mazars report was published in December 2022; the routine monthly reports are published by BingX itself, and I could not find which third party verified the latest one.
• The Merkle tree only lets you verify three coins: BTC, ETH and USDT.
• A proof of reserves is a snapshot at one point in time, not a full financial audit, and it does not show the exchange’s full liabilities. What it can and cannot prove, and how the reserve ratios of different exchanges compare, are in the proof of reserves guide.

The September 2024 hot wallet hack

At about 4 a.m. Singapore time on 20 September 2024, unusual outflows appeared from a BingX hot wallet. Security firm PeckShield estimated the loss at about US$43 million, mostly assets on Ethereum and BNB Chain (The Block). SlowMist later estimated about US$45 million, and the figure reported by Cointelegraph rose to about US$52 million.

The account of events comes from DL News and Cointelegraph. BingX promised compensation, but I found no independent source confirming that compensation was completed in full, and no announcement of the final loss.

Protection fund: US$150 million of BingX’s own money, according to BingX

On 5 June 2025 BingX launched a US$150 million “Shield Fund” to cover unexpected losses such as technical vulnerabilities and security incidents. It is not insurance, and all of the money comes from BingX itself. The announcement gives no wallet address for the fund and no external audit, and it does not say under what conditions users can claim compensation.

Account security settings

The account protections BingX offers:

• Passkeys: an official guide dated 16 July 2026 says BingX supports iCloud Keychain, Google Password Manager and USB/NFC hardware security keys. You can require a passkey for logging in, withdrawing, changing withdrawal addresses and creating API keys.
• Anti-phishing code, withdrawal allowlist, account freeze: with the allowlist on, you can only withdraw to addresses in your address book, and if you spot a suspicious login you can freeze the account yourself straight away (official guide).
• 2FA and face recognition: ordinary withdrawals require two-factor authentication. Note that allowlisted addresses can be set as “verification-free addresses”, after which withdrawals to them no longer require 2FA (official guide). This is convenient, but it also removes one barrier if the account is stolen.

Regulatory record and warnings

The table below lists the regulatory records, warning lists and related reports found up to 9 October 2026. Where a regulator’s or BingX’s own page exists, it links there; where only media reports were found, the source column says so.

Further notes:

• The Belgian warning targets a fake website, not BingX itself; but the Norwegian republication still lists the bingx.com address, which is easy to misread. Before signing up, make sure the web address is the official one.
• On Iran, there are only media reports and BingX’s denial so far; I found no formal action against BingX by the US Treasury or any other authority.
• I also checked the UK FCA warning list, the Hong Kong SFC list of suspicious virtual asset trading platforms, Japan’s FSA warnings, the Philippine SEC list of August 2025 and the Thai SEC blocking list of 2025, and found no BingX entry. Not finding it does not mean there is none; these are search results up to 9 October 2026.
• I found no record of fines, court cases or sanctions listings for BingX.
• For the regions BingX itself restricts in its terms of service, see “Restricted regions” in the next section.

BingX licences and service regions

I did not check the Australian, US and Canadian registrations one by one in the regulators’ registers. All of them are anti-money-laundering or money services registrations, not the same level as the operating licences OKX holds in Dubai and the EU.

Restricted regions: according to BingX’s risk and compliance disclosure (updated 11 December 2023), they include Afghanistan, Burundi, Cambodia, Canada, the Central African Republic, mainland China, Cuba, the Democratic Republic of the Congo, Hong Kong, Iran, Laos, Macau, Myanmar, the Netherlands, North Korea, Panama, Singapore, Somalia, the United Kingdom, the United States (including its territories), and the Crimea, Donetsk and Luhansk regions of Ukraine.

How to sign up for BingX

Create an account with an email address or phone number, enter the invitation code in the invitation code field, then complete identity verification (KYC). According to the official withdrawal guide, unverified and basic-verified accounts can withdraw up to 20,000 USDT in 24 hours, and advanced-verified accounts up to 5 million USDT.

BingX trading fees: 0.1% spot, 0.05% perpetual futures taker

BingX’s rates for regular users (official guide):

• Spot fees vary by trading pair; 0.1% is the starting rate, and the official fee page gives the rate for each pair.
• A maker order waits on the order book for someone else to fill it; a taker order fills against an existing order.
• Convert charges 0.2%.
• For general-user fees at other international exchanges, see the international exchange fee comparison.

In money terms: a regular user buying 1,000 USDT of BTC at market pays the 0.1% taker fee, or 1 USDT.

VIP tiers: meet any one threshold, volume or assets

According to BingX’s spot VIP announcement of 24 November 2023 and its perpetual futures VIP announcement of 25 October 2023, you move up a tier by meeting any one of the thresholds for 30-day spot volume, 30-day futures volume or the previous day’s assets:

• The 30-day volume for VIP 1 is 1 million USDT on spot or 10 million USDT on futures.
• OKX’s VIP 1 requires US$100,000 in assets; BingX’s VIP 1 asset threshold is lower (50,000 USDT), and its spot maker rate is far below the regular-user rate.
• Both announcements date from 2023, and the live figures on the official fee page may have changed since, so check the rates shown after you log in before relying on them.
• BingX’s official guide mentions no platform token that can be used to pay fees at a discount.

Depositing and withdrawing USDT on-chain

On BingX’s deposit page, choose USDT and a network, copy the address, and withdraw from the sending side. Both sides must use the same network; BingX warns that if you choose the wrong coin, network or address, the assets may not be recoverable (official guide).

• Withdrawal methods: on-chain withdrawals, or internal transfers between BingX accounts (no fee).
• Withdrawal fees: calculated dynamically from the current on-chain gas fee; the figure shown on the withdrawal page applies (official guide).
• Arrival time: BingX says on-chain confirmation takes about 10 to 120 minutes.

If a transfer is confirmed on-chain but the receiving exchange has not credited it, see what to check in USDT deposit delayed: what to do.

BingX earn: flexible and fixed-term

BingX’s earn service is called BingX Wealth. It is mainly split into flexible and fixed-term products, and also offers dual investment, lending and BXUSD, which is linked to US Treasury yields (official FAQ).

• Flexible: the APR is not fixed; it changes every minute with the market and fund utilisation. Interest is calculated every hour and added to the principal automatically, and is credited to the funding account only when you redeem.
• Fixed-term: redeemed automatically at maturity, with interest paid at maturity.
• What APR means: BingX explains that the APR converts a product’s actual yield into an annual rate.
• Risk: BingX warns that crypto is highly volatile and you may lose some or all of your funds. The official FAQ does not say where the flexible yield comes from.

For how exchange earn products compare with short-term Treasury ETFs, Aave and Bitfinex lending, and what extra risk each one adds, see Where to park idle USD and USDT.

Pros and cons: who BingX suits

How BingX’s rating is calculated is explained in Exchange Rating Methodology; more exchange guides and comparisons are on the crypto topic page.

FAQ

Is BingX safe?

BingX publishes a proof of reserves every month with a Merkle tree that users can check themselves. The report of 15 July 2026 showed BTC at 142.82%, ETH at 126.48% and USDT at 131.83%. But a BingX hot wallet was hacked in September 2024, with losses estimated at about US$43 million to US$52 million. It also has no EU MiCA authorisation yet, and Malaysia's Securities Commission has put it on its investor alert list. A proof of reserves is a snapshot, not a financial audit.

BingX was hacked in 2024. Did users lose money?

On 20 September 2024 funds flowed out of a BingX hot wallet in unusual transfers. Security firm PeckShield estimated the loss at about US$43 million, and later media estimates rose to about US$52 million. BingX said most assets were in cold wallets, that the company would cover the loss and that it had frozen about US$10 million, and withdrawals resumed in stages from 21 September. I found no independent source confirming that compensation was completed in full.

What are BingX's trading fees?

Regular users start at 0.1% maker and 0.1% taker on spot, and pay 0.02% maker and 0.05% taker on perpetual futures. VIP 1 requires any one of: 30-day spot volume of 1 million USDT, 30-day futures volume of 10 million USDT, or assets of 50,000 USDT. The VIP fee schedule comes from official announcements made in 2023, so check the live rates on the official site before you rely on it.

Does BingX hold a licence?

BingX is registered in Australia as a digital currency exchange (AUSTRAC), but that is an anti-money-laundering registration, not a full exchange licence. In the EU, BingX EU applied to Austria's FMA for MiCA authorisation; as of 16 June 2026 BingX said it had not yet received it, and BingX was not on ESMA's MiCA register on 9 October 2026.

Which regions cannot use BingX?

According to BingX's risk disclosure, residents of the United States, the United Kingdom, Canada, mainland China, Hong Kong, Macau, Singapore, the Netherlands, North Korea, Iran, Cuba, Afghanistan, Cambodia, Laos, Myanmar, Panama, Somalia and other regions cannot use it. The Crimea, Donetsk and Luhansk regions of Ukraine are also on the list.

Have regulators warned about BingX?

Yes. Malaysia's Securities Commission added BingX to its investor alert list on 4 December 2023. In October 2025 India's Financial Intelligence Unit (FIU-IND) issued notices to 25 unregistered offshore exchanges, and media reports said BingX was on the list. The 2023 warning from Belgium's FSMA was about a fake website using the BingX name, and it states that the site has no connection with BingX.

Can I redeem BingX flexible savings at any time?

BingX Wealth offers flexible and fixed-term products. The flexible APR changes every minute with the market, interest is calculated every hour and added to the principal automatically, and it is credited to the funding account only when you redeem. Fixed-term products are redeemed automatically at maturity. The official FAQ does not say where the flexible yield comes from.