WikiBit Exchange Exit Risk Ranking – Episode 58: YUBIT Claims to Hold a US MSB Registration, but No Record Can Be Found in FinCEN's Database
Introduction: An Exchange with Regulatory Credentials That Cannot Be Verified In the first 57 editions, we investigated a series of crypto exchanges, from HashKey to BTSE. For Episode 58, were taking a closer look at one with perhaps the most confusing identity of all: YUBIT. When it comes to its product offering, YUBIT certainly has something to show. Formerly known as SAFEX, the platform officially rebranded as YUBIT in October 2025. It supports approximately 313 spot trading pairs and 293 perpetual contract pairs, with leverage of up to 200x. Users can trade cryptocurrencies, gold, metals, and stock contracts through a single USDT account—an offering not commonly found on comparable platforms. YUBIT also claims to maintain a 20,000 ETH protection fund, conduct monthly Proof of Reserves (PoR) audits, and achieve 99.9995% uptime. Its marketing director, Moss Kirk, and founding team member, John Tan, have both made public appearances. But heres the other side of the story: WikiBit gives YUBIT a score of just 4.96/10, flagging that “the platform currently has no valid cryptocurrency regulatory oversight.” Its claimed Canadian FINTRAC registration (No. M21142533) remains unverified. Investors should exercise caution. An independent investigation by TraderKnows reached an even more concerning conclusion: YUBITs claimed US FinCEN MSB registration number,
