Introduction: A “Split-Personality” Exchange With Impressive Data and Extremely Difficult Withdrawals
In the previous 15 editions, we investigated a series of exchanges ranging from HashKey to OrangeX. For the 16th edition, we are looking at one of the most “split-personality” platforms in the crypto industry — Hibt.
Its resume sounds almost like a crypto “humblebrag” masterpiece:
- “Registered in Canada in 2021”
- “Headquartered in Dubai, with operations across Japan, South Korea, and other regions”
- “Holding Canadian and U.S. MSB registrations”
- “470+ cryptocurrencies and 500+ trading pairs”
- “Ranked among the global top 50 exchanges on CoinMarketCap, with over $1 billion in 24-hour spot trading volume”
- “90% of assets stored in cold wallets”
- “200+ professional employees”
- “Serving more than 3 million users worldwide”
At first glance, this sounds like a platform with the configuration of a top-10 global exchange.
But on the other side:
- WikiBit rating: 6.06/10, labeled “No Effective Regulation”
- Trustpilot rating: 2.2/5, with users openly calling it a “SCAM”
- Some users report that withdrawal applications have remained under review for more than two months, with funds never returned
So how did a “data giant” claiming billions in trading volume become a “withdrawal black hole” in users eyes？
Today, we break it down layer by layer.
1. Regulatory Compliance: An MSB Is a “Sticker,” Not a Real License
Hibts “Compliance Package” Claims
Hibt puts considerable effort into promoting its compliance credentials.
According to CoinMarketCap, the platform claims to hold “Canadian and U.S. MSB-related compliance registrations.”
MyToken also states that the platform “has obtained Canadian and U.S. MSB-related compliance registrations.”
Its official website further describes itself as:
“A global digital asset trading platform.”
Sounds reliable, right？
But what exactly is an MSB？
As we have repeatedly emphasized in previous reports:
An MSB is not a financial regulatory license. It is only a money services business registration focused primarily on anti-money laundering (AML) compliance.
An investigation by FX110 highlighted the issue:
“KAIXUAN NETWORK CO., LTD. can be found registered as an MSB in both Canada and the United States. However, please note that Canadian MSB and U.S. FinCEN MSB registrations only authorize money exchange-related activities. They do not provide authorization or regulatory oversight for financial derivatives. In other words, HiBT does not actually possess a valid financial regulatory license.”
Translated into plain language:
Hibt registered a company called KAIXUAN NETWORK CO., LTD. and completed MSB registrations in Canada and the United States.
MSB registration allows activities such as money transmission and currency exchange.
It does not authorize derivatives trading, leveraged trading, or operating a full-scale crypto exchange under financial supervision.
So what does Hibt offer？
Spot trading
Futures contracts
Leveraged trading
These services all go beyond the scope of a basic MSB registration.
The analogy is simple:
It is like obtaining a “vegetable stall license” and then opening a “bank.” The market authority does not regulate your bank, and the banking regulator does not recognize your vegetable license.
According to WikiBit, Hibt receives a rating of 6.06/10 and is labeled:
“No Effective Regulation.”
Registration Location: Registered in Canada, Headquarters in Dubai — But Where Is the Regulation？
CoinMarketCap shows that Hibt was “registered in Canada in 2021.” MyToken states that the platforms “headquarters are located in Dubai.”
However:
Canadian registration ≠ Canadian regulation.Dubai headquarters ≠ Dubai license.
Hibt has neither authorization from Canadian securities regulators nor a license from Dubais Virtual Assets Regulatory Authority (VARA).
Risk Rating: High Risk
2. Account Freezing and Withdrawals: Repeated Exposure Across Multiple Platforms — A Proven “Withdrawal Black Hole”
FX110 Investigation: Withdrawal Blocked, Account Frozen, Users Waiting for Months With No Results
FX110 reported:
“On June 28, 2026, an investor submitted a USDT withdrawal request from HiBT to the Binance network. However, the funds never arrived, and there was no final confirmation record on-chain. After the withdrawal failed, HiBT unilaterally froze the investor‘s account, citing ’risk control reasons, preventing any viewing or account operations. At the time the complaint was filed, the freeze had lasted 18 days. More shockingly, by the end of August, the account remained frozen, with the review period exceeding two months and the funds still not returned.”
Two months.
A single USDT withdrawal request was “under review” for two months — and not a single dollar was received.
Customer service provided only a standardized response:
“Your request is currently under review. Please wait patiently.”
The investor contacted customer service multiple times and repeatedly received the same template response: “Under review, please wait patiently.”
On July 4, the investor sent a formal written demand for resolution. On July 7, HiBT replied:
“The account has triggered the risk control verification process. A comprehensive review is currently underway. Specific triggering details cannot be disclosed at this time.”
Translated into plain language:
“We are reviewing it.” — Reviewing what？ Unknown.
“How long will it take？” — Unknown.
“What evidence do you have？” — Cannot tell you.
This is not a normal “security review.”
It is an indefinite delay mechanism.
“Account Frozen Without Warning After 4,723 USDT Became 10,000+ USDT”
A complaint posted on WikiBit is even more alarming:
“I legally deposited 4,723.19 USDT from Binance into the Hibt platform. All fund transfers can be verified through blockchain records. Through personal trading profits, my account balance increased to more than $10,000. Unexpectedly, after seeing that the user had made profits, Hibt maliciously froze my account without warning. They even blocked my login access completely, depriving me of the right to view my own assets!”
Deposited 4,723 USDT.
Generated profits and grew the account to more than 10,000 USDT.
Then:
Account frozen
Login access blocked
Assets inaccessible
Isnt this effectively:
“You are allowed to lose money, but not allowed to make money”？
This is not an isolated case.
Complaints have continued to emerge.
FX110 stated:
“Since April 2026, complaints regarding HiBT‘s inability to process withdrawals and account freezes have continued without interruption and are spreading. From initial reviews lasting several days to current cases lasting three months or even longer, HiBT is using time to consume investors’ patience and hope.”
Another investor complained:
“I have been unable to receive my withdrawal from HiBT for more than two months.”
On August 19, 2026, another investor publicly accused the platform:
“Once you make profits, they will basically freeze your account later, then use various excuses saying it is under review and refuse to return even your principal.”
Trustpilot: 2.2/5 — “SCAM Alert”
One user wrote:
“Hibt exchange arbitrarily blocked my account and completely restricted my access. All my funds are trapped inside. Their customer service completely ignores me and refuses to provide any assistance. This is absolutely a scam and theft of user funds. If you dont want to lose your crypto assets, stay away from this company!”
When responding to user complaints, FX110s complaint center gave a direct assessment:
“HiBT is an unregulated fraudulent broker. Please stay away! We have recently received complaints from investors reporting that the platform is unable to process withdrawals. We recommend that you immediately collect relevant evidence and report the case to your local economic investigation department.”
FX110 is not an ordinary user forum — it is a professional investor rights protection platform.
The description:
“An unregulated fraudulent broker”
is already very close in meaning to an outright scam accusation.
On-Chain Wallet Tracking Conclusion
Hibt has only released scattered snapshots of cold wallet addresses, without a complete and continuously updated disclosure of hot and cold wallet addresses.
Small spot trading withdrawals have genuine on-chain transaction hashes that can be verified.
Wallet addresses related to futures margin, staking, and wealth management products have not been disclosed. Third parties cannot track the flow of these funds.
Risk Rating: Extremely High Risk
3. Proof of Reserves Transparency: “90% Cold Wallet Storage” — But Who Verified It？
Official Claims:
Hibt states:
“Hibt ensures bank-level security protection, with 90% of user funds stored in multi-signature cold wallets.”
It also claims:
“The majority of user assets are stored in multi-signature cold wallets.”
But the problems are obvious.
First:
The “90% cold wallet” figure comes entirely from the platform itself.
There is no independent third-party audit.
Unlike Bitvavo, which undergoes quarterly independent audits by The Network Firm LLP, Hibts “90% cold wallet” statement remains only a marketing claim.
Second:
For a platform described by FX110 as an “unregulated fraudulent broker,” how credible is its reserve data？
A platform that cannot even reliably process withdrawals — what credibility does it have when claiming “90% cold storage”？
Even if the cold wallet is truly cold, users still cannot access their funds.
Third:
CoinMarketCap shows:
“Total Assets: Unavailable”
Even CoinMarketCap cannot verify Hibts total asset information.
So should users blindly trust the claim of “90% cold wallets”？
Risk Rating: High Risk
4. Asset Strength: $1 Billion Trading Volume — Data Too Beautiful to Be True
Impressive Numbers
Hibts statistics across different platforms look extremely impressive:
CoinMarketCap 24-hour spot trading volume: $1 billion
Global ranking: Top 50
Registered users: More than 3 million
Employees: 200+
Supported cryptocurrencies: 470
Trading pairs: 500+
Reported asset holdings: approximately $20.36 million
But these numbers raise questions.
The Data Is Difficult to Verify
3 million registered users — who verified it？
Just like UZX and FameEX, these figures mainly come from the platforms own statements.
These are:
- No publicly disclosed major venture capital funding records
- No transparent financial reports
- No disclosed revenue structure
- No public debt information
The outside world cannot verify whether its cash flow is actually healthy.
Meanwhile:
- Complaints involving frozen profits and withdrawal restrictions continue to increase.
- If a large-scale user withdrawal rush occurs, whether the platform can fully honor withdrawals remains questionable.
- Its business model appears highly dependent on futures trading fees and liquidation revenue.
- During bear markets, when derivatives trading volume declines, revenue pressure could increase significantly.
Risk Rating: High Risk
5. Internal Operations and Team: A 200+ Person Team, But Who Are the Founders？
Official Claim: A Professional Team of 200+ Employees
According to CoinMarketCap, Hibt has:
“More than 200 experienced professionals in the digital asset industry.”
The introduction on Google Play also states:
“The Hibt team consists of more than 200 experienced professionals in the digital asset field.”
But the question remains:
Who are the founders？
RootDatas assessment of Hibt states:
“Only a small amount of information about non-core or limited management personnel has been disclosed.”
A team of more than 200 people — but who is the founder？
Who is the CEO？
Who are the core executives？
Not a single verifiable name can be found.
This stands in sharp contrast with exchanges such as HashKey, whose founder Xiao Feng is publicly known; Bitvavo, which has three publicly identified Dutch founders; and Upbit, founded by Song Chi-hyung.
A “top global exchange” claiming:
$1 billion in daily trading volume
3 million users worldwide
but whose founders are not publicly disclosed？
This raises serious transparency concerns.
Confusing Corporate Registration Information
Different sources describe Hibt differently:
- CoinMarketCap: “Registered in Canada”
- MyToken: “Headquartered in Dubai”
- Operational teams: Japan, South Korea, Singapore
- Registered entity: KAIXUAN NETWORK CO., LTD.
One company, four different descriptions:
- Registered in Canada
- Headquartered in Dubai
- Operating across Japan and South Korea
- Registered entity called “Kaixuan Network”
So where exactly is the company located？
And who exactly is behind it？
Risk Rating: Extremely High Risk
A “200+ person professional team” but “founders cannot be identified” — this is one of the most common patterns seen in questionable crypto projects.
A combination of:
- Unclear registration locations
- No disclosure of core management
- FX110s characterization as an “unregulated fraudulent broker”
makes Hibts team structure look very similar to platforms such as Azbit, FameEX, and OrangeX.
6. Product Experience and Trading Depth: Feature-Rich, But Mostly “Paper Features”
Product Line: Everything Is Available
Hibts product ecosystem does appear comprehensive:
Spot trading (470 cryptocurrencies, 500+ trading pairs)
Perpetual futures (up to 100x leverage)
Cross-margin and isolated-margin modes
Quantitative trading tools (grid trading, Martingale strategies, etc.)
Event contracts (claiming to be “the worlds first platform to open event contract API access”)
Hibt Pay payment ecosystem
On paper, it looks like a full-service crypto platform.
But these are mostly “paper features.”
Fancy Products Cannot Solve the Core Problem: Users Cannot Withdraw Funds
No matter how impressive the product lineup looks, it cannot solve the fundamental issue:
Users being unable to withdraw their assets.
The so-called:
“Worlds first event contract API”
sounds innovative.
But for a platform described by FX110 as an “unregulated fraudulent broker,” launching “event contracts” raises questions.
Is this genuine innovation？
Or simply another way to attract users and increase trading activity？
Similarly:
Hibt Pay
A platform that allegedly struggles with basic withdrawals — can users really trust it to build a “payment ecosystem”？
If users cannot even withdraw funds from the exchange, how can they rely on it for real-world payments？
Key Product Risks
Complaints about accounts being frozen after large futures profits remain one of the platforms most prominent negative issues.
Newly listed small-cap altcoins often have poor liquidity, causing significant slippage during large sell orders.
Staking and wealth-management products contain complicated lock-up terms, with many restrictions on early redemption.
Risk Rating: High Risk
7. Real Community Feedback: Score 2.2/5 — “SCAM” Warnings Everywhere
Hibt has a rating of 2.2/5 on Trustpilot.
User reviews are overwhelmingly negative.
One user wrote:
“HiBT Exchange — Scam Alert. My 22+ USDT is trapped on this exchange. They asked me to submit my ID and all personal details to verify my account… Do not trust them, they are deceiving people.”
Another user wrote:
“My account has been inaccessible for about one month. I deposited 100 USDT multiple times and contacted customer service, but they still failed to solve the problem.”
A WikiBit user review stated:
“Hibt maliciously withheld my assets! I deposited 4,723 USDT, doubled my profits, and then my account was frozen without reason. They ignored me for seven days during the review process. This is a scam platform!”
FX110 published a dedicated investigation report and directly responded to user complaints:
“HiBT is an unregulated fraudulent broker. Please stay away!”
Risk Rating: Extremely High Risk
Trustpilot 2.2/5
- WikiBit 6.06/10
- Continuous exposure by FX110
- Official characterization as an “unregulated fraudulent broker”
The community consensus is becoming increasingly clear:
Hibt is not a platform that users should consider trustworthy.
8. Comprehensive Exit Scam Risk Assessment
| Dimension | Risk Level | Summary |
| Regulatory Compliance | High | Canada + U.S. MSB registrations are merely “stickers”; FX110 characterized it as having “no actual regulation” |
| Account Freezing / Withdrawals | Extremely High | Reviews exceeding 2 months; “account frozen after 4,723 USDT doubled”; login access blocked; continuous exposure by FX110 |
| Reserve Transparency | High | Claims 90% cold wallet storage but has no independent audit; CoinMarketCap shows “Total Assets: Unavailable” |
| Asset Strength | High | $1 billion trading volume vs only $20.36 million disclosed assets; inconsistent ranking data; 3 million users unverified |
| Team Operations | Extremely High | 200+ employees claimed, but founders cannot be identified; confusing registration information; core management undisclosed |
| Product Experience | High | Feature-rich but withdrawal problems remain; “event contracts” do not solve fundamental issues |
| Community Feedback | Extremely High | Trustpilot 2.2; WikiBit 6.06; FX110s characterization as an “unregulated fraudulent broker” |
Overall Rating: Extremely High Exit Scam Risk
Hibt joins Azbit, FameEX, CoinUp, BiFinance, and OrangeX as one of the highest-risk exchanges in this series. The “high-risk club” continues to expand.
Its risk profile can be described as a textbook contradiction:
Regulatory “Emperors New Clothes”
Hibt packages Canadian MSB and U.S. MSB registrations as “compliance licenses.”
However, FX110 directly pointed out:
“MSB business authorization only covers money exchange activities and does not provide authorization or regulatory oversight for financial derivatives.”
The services Hibt actually provides:
Spot trading
Futures contracts
Leverage trading
are all outside the scope of MSB authorization.
Withdrawal “Pig-Butchering Scam” Pattern
The warning signs include:
“Under review for two months”
“Account frozen after 4,723 USDT doubled”
“Login access blocked”
“Continuous complaints”
Every one of these characteristics matches common patterns seen in investment scam operations.
Users are allowed to deposit funds, but when they attempt to withdraw profits, restrictions suddenly appear.
Severely Inflated Data
The numbers look impressive:
$1 billion trading volume
3 million users
200+ employees
But all of these figures mainly come from the platforms own statements.
There is no sufficient independent verification.
“Invisible” Management Team
A company claiming to have more than 200 employees — but:
Who are the founders？
Who is the CEO？
Who are the core executives？
Not a single verifiable name can be found.
RootDatas assessment:
“Only a small amount of information about non-core management personnel has been disclosed.”
Translation:
The core management team appears to be made up of “invisible people.”
FX110 Officially Labels It an “Unregulated Fraudulent Broker”
This is not merely a user complaint.
It is an assessment from a professional investor rights protection platform.
FX110 stated:
“HiBT is an unregulated fraudulent broker.”
This conclusion is already extremely close to an outright scam accusation.
This is not simply a question of whether Hibt has a “high exit risk.”
The bigger question is:
Is Hibt already on the path toward an exit scam？
9. Recommendations for New and Existing Users
For New Users
Stay away.
Trustpilot 2.2/5
WikiBit 6.06/10
FX110s “unregulated fraudulent broker” assessment
Withdrawal reviews lasting more than two months
These are four major warning signals.
Why would you choose such a high-risk platform？
If you have already registered:
Withdraw your funds immediately. Withdraw whatever you can.
Do not worry about small withdrawal fees.
The priority is:
Get your assets out first.
Be cautious of the “MSB license” marketing narrative
Canada MSB + U.S. MSB:
Are only AML-related registrations
Are not financial regulatory licenses
Do not authorize derivatives trading
MSB authorization mainly covers money exchange activities, not futures or leveraged products.
Be cautious of the “$1 billion trading volume” claim
Trading volume data can be manipulated or exaggerated.
High numbers alone do not prove platform credibility.
Be cautious of flashy features such as “event contracts”
More features do not necessarily mean more safety.
Sometimes excessive product complexity simply creates more ways to attract users and generate fees.
An exchange that cannot even process basic withdrawals does not become trustworthy because it launches more innovative products.
For Existing Hibt Users
Immediately Evaluate Your Exposure
If your Hibt holdings exceed 5% of your total assets, consider reducing your position immediately.
Withdraw as much as possible.
Do not wait.
Many users who are now stuck after “two-month reviews” also believed everything would eventually be resolved.
If Withdrawals Fail
Stop paying any so-called “unlock fees.”
Be extremely cautious of requests for:
Additional fees
Verification fees
Tax payments
Paying more money usually does not unlock withdrawals — it often only increases losses.
Consider Reporting to Authorities
FX110 has already recommended that affected users:
“Collect all relevant evidence and report the case to the local economic investigation department.”
While recovery may be difficult, reporting can help expose suspicious operations and prevent more victims.
Do Not Deposit Another Dollar
This may be the simplest — and most important — advice.
Final Recommendation
Hibt is not suitable for any user.
HashKey at least has regulatory compliance.
Bitvavo at least operates under strong European supervision.
Upbit at least dominates the South Korean regulated market.
But what does Hibt actually have？
Two MSB “stickers”
FX110s official characterization as an “unregulated fraudulent broker”
Trustpilot score of 2.2
Numerous complaints about two-month withdrawal reviews
A case where a users account was frozen after 4,723 USDT grew into more than 10,000 USDT
A “200+ employee team” whose founders cannot be identified
A claimed $1 billion trading volume that few can verify
Hibts official website describes itself as:
“A leading global digital asset trading platform.”
But FX110 describes it as:
“An unregulated fraudulent broker.”
Users describe it as:
“SCAM.”
So who should investors believe？
The official marketing page？
Or regulators, investor protection platforms, and affected users？
This is not a “high-risk investment.”
This is a platform that has already accumulated multiple warning signals associated with fraudulent operations.
Next Episode Preview
WikiBit Exchange Exit Scam Risk Report #17 — BigONE Exchange
Stay tuned.
Risk Disclaimer:This article only represents personal analytical opinions and does not constitute investment advice. Cryptocurrency investment carries significant risks. Please conduct your own research and invest cautiously.
Information in this article was updated on September 3, 2026. Please verify the latest information through multiple sources before making decisions.
