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, we're 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 here's 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: YUBIT's claimed US FinCEN MSB registration number, 31000261158642, could not be found in FinCEN's MSB registration database. Its claimed Canadian FINTRAC registration number, M21142533, was likewise absent from FINTRAC's public database. No regulatory or registration records associated with YUBIT were found in the US SEC's public database either.

An exchange claiming to hold compliance registrations in both the United States and Canada cannot be found in the official databases of either regulatory agency.

Let's examine the evidence layer by layer.

1. Regulatory Compliance: Its MSB and FINTRAC Registration Numbers Are Missing from Official Databases

YUBIT's claim: “We have MSB and FINTRAC registrations.”

YUBIT explicitly claims on its official website and in its rebranding press releases that it holds a US FinCEN Money Services Business (MSB) registration, No. 31000261158642, and a Canadian FINTRAC Money Services Business registration, No. M21142533.

In the official narrative surrounding SAFEX's rebranding as YUBIT, global regulatory credentials, including the US MSB registration, were promoted as one of the platform's key selling points.

However, TraderKnows conducted an independent verification and reportedly found no matching records in either database. Its findings were straightforward:

US SEC public database: No regulatory or registration records associated with YUBIT were found.

US FinCEN MSB registration system: No registration information for YUBIT was found.

Canadian FINTRAC public database: No registration information for YUBIT was found.

This means that neither of the two compliance registrations claimed by YUBIT could be matched to a corresponding record in the issuing agencies' official databases.

This is fundamentally different from saying that a license has limited regulatory value. A low-value license is one that genuinely exists but provides relatively weak oversight. A license that cannot be verified raises a much more basic question: Does the claimed registration actually exist？

Independent assessments by WikiFX and WikiBit: Both point to a lack of regulation

WikiFX gives YUBIT a score of just 1.79/10, explicitly labeling it as “Unregulated” and displaying the warning: “The WikiFX score is too low. Please stay away.”

WikiBit's assessment reaches a similar conclusion: “The platform currently has no valid cryptocurrency regulatory oversight.” Its claimed Canadian FINTRAC registration (No. M21142533) remains unverified, warranting caution.

Three independent sources—TraderKnows, WikiFX, and WikiBit—all point in the same direction: YUBIT's claimed regulatory credentials cannot be verified in the major regulatory databases.

Place of registration: Seychelles, Saint Lucia, the UK, and the US—four different stories

YUBIT's registration and corporate identity information is highly inconsistent across different sources:

Trustpilot company information: Seychelles.

The Moon Show's investigation: Saint Lucia, with Yubit Market Ltd listed as the operating entity, registration No. 2026-00189.

WikiFX: United Kingdom, with the full company name SafeTrading Ltd and an operating history of less than one year.

TraderKnows: United States, although it notes that YUBIT does not disclose its headquarters on its official website and that no verifiable corporate registration information has been located through publicly available channels.

CB Insights: MIAJO INC DBA YUBIT.COM, headquartered in Redmond, Washington.

One exchange, five sources, and multiple conflicting accounts of its registration location and operating entities.

None of these sources has provided a corporate registration document that can withstand cross-verification and establish a clear connection between the operating company and the claimed regulatory credentials.

The latest development: Mauritius enters the picture

The confusion escalated further when YUBIT announced in the second half of 2026 that an affiliated entity had obtained a Full Investment Dealer License from the Financial Services Commission (FSC) of Mauritius (License No. GB26206590, Category SEC-2.1B).

At first glance, this appears to be a more verifiable offshore regulatory credential. However, the fundamental problem remains: no source has provided a corporate registration document that can be independently cross-checked and conclusively linked to the relevant regulatory license.

YUBIT reportedly operates through a multi-entity structure, claiming that YUBIT is merely a brand while different business operations are handled by separate offshore legal entities.

This raises several important questions:

The entity asking you to accept its user agreement and potentially restricting your withdrawals could be SafeTrading Ltd in Seychelles.

The entity operating the high-leverage, multi-asset trading products that expose users to liquidation risks could be Yubit Market Ltd in Saint Lucia.

Meanwhile, the Mauritius license could belong to an affiliated entity presented on the official website as evidence of regulatory compliance.

If a dispute over customer funds arises, this multi-jurisdictional, multi-entity structure could make it extremely difficult for ordinary investors to identify the legally responsible party and pursue effective remedies.

Risk Rating: EXTREMELY HIGH (Regulatory Compliance)

2. Account Security and Withdrawals: “Accounts Frozen After Making Profits” Is a Recurring User Complaint

Zebra Complaints: Accounts frozen after profits, with users waiting for more than three months

In November 2025, a user documented their experience on the Chinese consumer complaint platform Zebra Complaints:

“After making money on the Yubit platform, my account was directly frozen. When I contacted customer service, they said my assets involved flagged funds. But all my profits came from contract trading. How could they involve flagged assets？ I asked customer service how much of my assets had been flagged, but they couldn't tell me. Every time I followed up, they just told me to wait patiently. I've now been waiting for more than three months, with absolutely no updates.”

Another user provided even more specific details:

“I traded contracts on Yubit (formerly Anbi SAFEX). After making profits, the platform froze my account, claiming that the deposited funds involved flagged assets. Initially, they said the review would take 5 to 30 business days. It's now been more than three months. Every time I contact customer service, they tell me to wait patiently. I believe the platform is simply looking for excuses to confiscate users' accounts when they make money. There is never a problem when users lose money, so why does everything suddenly become an issue when they make a profit？”

“There's never a problem when you lose money, but once you make a profit, your account gets reviewed.”

This is how the complainant described the pattern.

The platform reportedly froze accounts on the grounds that deposits involved flagged funds, yet failed to disclose which specific transaction was flagged, the amount involved, or the evidence supporting the allegation. Instead, users received generic responses asking them to wait.

The original review period of 5 to 30 business days reportedly stretched into more than three months, with no meaningful progress.

Trustpilot: 38 reviews, 79% one-star ratings, and a warning about fake reviews

Trustpilot currently displays no overall rating for YUBIT and carries a notice stating that some fake reviews of the company have been removed.

Of the 38 reviews referenced, 79% are one-star ratings.

One user's review, quoted in the platform's official response, stated:

“As soon as you make a profit, your account will be frozen for at least a month. After that, they will take your profit. THESE ARE SCAMMERS.”

YUBIT's official response followed a standard template:

“Thank you for sharing your feedback. We take every user's concerns seriously...”

It then directed users to its 24/7 online customer support.

However, the user who had been waiting for more than three months on Zebra Complaints had already contacted this very “24/7 customer service” team, only to receive the same response: “Please wait patiently.”

The connection to “former Anbi SAFEX”

The complainants on Zebra Complaints explicitly identified YUBIT as “formerly Anbi SAFEX.”

This connection is also confirmed by YUBIT's own rebranding announcement, which states that SAFEX officially changed its name to YUBIT in October 2025.

A trading platform changing its brand name is not inherently suspicious. However, when users associate the new brand with the old one in complaints involving the same alleged pattern of account freezes after profitable trades, the rebranding becomes a development worth examining carefully.

Official contact information: Just one email address

TraderKnows' investigation points out that YUBIT provides only one publicly listed external contact channel on its official website: bd@yubit.com.

Apart from this email address, the platform does not provide a publicly disclosed customer service telephone number, office address, or additional contact channels.

An exchange claiming to serve users worldwide and hold regulatory registrations in both the United States and Canada, yet providing only one email address as its public contact channel, presents a clear gap between its claimed global service capabilities and its publicly available contact information.

Risk Rating: EXTREMELY HIGH (Account Security and Withdrawals)

“Accounts frozen after making profits,” “waiting for more than three months,” and “only one publicly listed email contact”—taken together, these complaints point to a concerning pattern.

Users reportedly encounter account reviews after making profits, with no clear resolution timeline and extremely limited communication channels. Meanwhile, the platform retains unilateral control over access to customer assets.

This is not simply a matter of poor withdrawal experience. It raises a fundamental concern about users' ability to access their own funds.

3. Proof of Reserves Transparency: A 20,000 ETH Protection Fund and PoR—But Who Actually Verifies Them？

YUBIT's claims: PoR + Protection Fund

YUBIT's official website and its CoinMarketCap listing claim that the platform operates a “transparent Proof of Reserves (PoR) system,” using cryptographic technology or independent verification to ensure that every user's funds are backed by actual reserves.

The platform claims to maintain a reserve ratio of more than 100% and lists assets consisting of approximately 500 BTC, 20,000 ETH, and 37 million USDT. It also advertises monthly 1:1 PoR audits, describing this as a “verifiable layer of security” for users.

But where exactly does this “verifiability” begin and end？

First, who conducts the monthly 1:1 PoR audits？

The Moon Show's investigation does not disclose the name of any specific auditing firm. The credibility of a PoR report depends heavily on the independence and reputation of the third-party institution conducting the audit.

Without a named auditing firm, users must decide for themselves how much difference there really is between an independently verified PoR report and a monthly balance sheet published by the platform itself.

Second, PoR proves that assets ≥ liabilities. It does not prove that withdrawals will be processed smoothly.

Users who reported having their accounts frozen after making profits and waiting for three months could still have account balances that appear to be fully covered at a 1:1 ratio in the platform's PoR reports.

A platform's decision to prevent certain users from withdrawing their funds is an entirely separate issue from its reserve ratio.

Third, the 20,000 ETH protection fund: Who holds it, and under what conditions can users receive compensation？

The existence of a protection fund is a positive signal. However, publicly available information does not provide sufficient details about its custodian, compensation triggers, or exclusion clauses.

There is a substantial difference between a platform claiming to have a protection fund and demonstrating that the fund can actually compensate users when needed.

Risk Rating: HIGH (Proof of Reserves Transparency)

4. Financial Strength: 200x Leverage and Multi-Asset Trading—Impressive Products, but an Uncertain Foundation

Genuine strengths in its product offering

YUBIT's product design does have several distinctive features.

The Moon Show's review provides a relatively positive assessment of its product offering:

Approximately 313 spot trading pairs and 293 perpetual contract pairs.

Maximum leverage of 200x on USDT-margined contracts and 150x on coin-margined contracts.

Base-tier trading fees of 0.10%/0.10% for spot trading and 0.04%/0.08% for futures, making them competitive with the non-VIP fee tiers of Bybit and OKX.

The ability to trade gold, metals, and stock contracts through a single USDT account, offering a genuine feature for traders seeking exposure to traditional financial markets without leaving the crypto ecosystem.

These product features are real, not fabricated.

The Moon Show concluded:

“YUBIT is building an attractive product for traders who want more functionality... The main gap is time. More operating history, more user reviews, and greater regulatory clarity are needed before it can approach the level of trust established by mature exchanges.”

But “good products” and “fund security” are two entirely different dimensions

First, 200x leverage is a double-edged sword.

On a platform where users have complained about having their accounts frozen after making profits, 200x leverage creates a fundamental uncertainty: even if you win, can you actually withdraw your money？

By contrast, if you lose, your capital can disappear through liquidation.

The higher the leverage, the more heavily users depend on the platform's fair and reliable execution of trades.

Second, the regulatory basis for multi-asset trading (gold and stock contracts) remains questionable.

These products are derivative contracts, not ownership of the underlying assets.

On a platform whose claimed MSB and FINTRAC registrations cannot be found in the respective official databases, what is the regulatory basis for offering these traditional financial derivatives？

In which jurisdiction is the platform authorized to provide such products？

Publicly available information provides no clear answers.

Third, the gap in operating history is not a minor issue.

The Moon Show notes that YUBIT is still relatively young compared with established exchanges.

A platform with a limited operating history has yet to demonstrate its long-term resilience through a full market cycle, major stress tests, and sustained regulatory scrutiny. The sustainability of its product capabilities therefore remains something that needs to be monitored.

Risk Rating: MEDIUM-HIGH (Financial Strength)

5. Internal Operations and Management Team: Who Is John Tan？ Allegations of a Ten-Tier MLM Structure

In YUBIT's official narrative, John Tan is identified as a “founding team member.” In the brand rebranding press release, he made the statement: “The rebranding is not about a new name, but about our evolution.”

Marketing director Moss Kirk has also made public appearances.

According to the platform's official description, YUBIT's core team consists of professionals from leading global exchanges and has inherited SAFEX's strengths in security, liquidity, and performance.

However, a “founding team member” title, a fairly common English name, and a vague description of professionals from top exchanges do little to establish the team's credibility.

This is essentially the same type of problem seen with MEXC, where the founder's identity could not be independently verified, and BingX, where no LinkedIn record could be found for its claimed co-founder.

Users cannot confidently establish who is actually managing the platform, nor can they independently trace the team's professional track records in the cryptocurrency industry.

More serious allegations: chapan.cc's classification of YUBIT as a pyramid-style scheme

In October 2026, chapan.cc published an in-depth investigation into YUBIT, making several extremely serious allegations.

The investigation characterized YUBIT as the fifth-generation rebranded entity in what it described as a “Cambodian scam operation pipeline,” allegedly belonging to the following chain:

Youli → Shengsheng → Huangu → Luno → YUBIT

According to the investigation:

Its predecessor, Luno, allegedly completed the recruitment and financial extraction of 300 accounts within just four months, with users' original capital reportedly reduced to zero by the end of the cycle.

YUBIT allegedly continues to use a ten-tier MLM structure, requiring users to recruit 5,000 people before qualifying for an upgrade.

Five key areas reportedly raised red flags:

No record of an ICP filing.

No publicly verifiable corporate registration for the operating entity.

No tangible business infrastructure to substantiate the legitimacy of its operations.

Payments allegedly collected through WeChat groups and personal payment QR codes.

User complaints indicating increasingly prolonged withdrawal reviews.

It is important to clarify that chapan.cc is an independent exposure and analysis platform. The allegations it makes—including pyramid selling, fraudulent investment schemes, and Ponzi-style operations—go far beyond ordinary complaints about poor withdrawal experiences.

These allegations have not been established through judicial proceedings. Nevertheless, their seriousness means users should factor them into their risk assessments before making any decisions involving funds.

A platform independently characterized as operating a ten-tier MLM structure belongs to a fundamentally different risk category from one that merely receives complaints about slow withdrawals.

Risk Rating: EXTREMELY HIGH (Management and Corporate Governance)

6. Product Experience and Trading Depth: The Features Are Real, but What Happens After Trading Remains Unknown

Product functionality: There are genuine features on offer

YUBIT's product lineup covers spot trading, perpetual contracts, copy trading, staking, portfolio management, and traditional financial assets (including gold, metals, and stock contracts).

Its Super Snipe feature is designed for on-chain meme coin trading, while YUBIT Earn advertises USDT annualized yields of up to 15%.

The platform supports web trading as well as iOS and Android apps. Users can register with just an email address or mobile phone number.

KYC is not required for cryptocurrency trading and withdrawals, although it is required for fiat purchases and the YUBIT Card.

At first glance, the ability to trade and withdraw without KYC appears to be a convenience advantage.

However, when viewed alongside complaints about accounts being frozen after users make profits, another possibility emerges: the platform may apply relatively loose identity checks during deposits and trading, only to trigger stricter reviews and restrictions when users become profitable and attempt to withdraw.

This is not necessarily convenience. It could represent an asymmetrical application of risk controls.

A system where “trading is smooth, but getting help when problems arise is difficult”

For users who never trigger additional reviews, YUBIT's trading experience may indeed be smooth. Its fees and leverage are competitive, and its multi-asset functionality offers genuine differentiation.

But for users who do trigger reviews, the experience described in complaints is very different:

A templated notification claiming that their assets involve flagged funds.

Customer service representatives who cannot provide specific explanations.

An open-ended instruction to “please wait patiently,” with no clear resolution timeline.

Risk Rating: MEDIUM-HIGH (Product Experience)

7. Comprehensive Exchange Exit Risk Assessment

Overall Rating: EXTREMELY HIGH EXIT RISK

YUBIT is one of the highest-risk exchanges examined in this series, joining Azbit, FameEX, GXT, Websea, and others in what can be described as the “high-risk club.”

Its risk profile is not defined by a single weakness, but by the accumulation of multiple critical risk factors:

1. Its regulatory claims have been called into question by official database checks.

YUBIT's claimed MSB and FINTRAC registration numbers cannot be found in the official databases of the respective issuing agencies.

This is not a case of “holding a license with limited regulatory value.” It raises a much more fundamental issue: The registrations you claim to hold cannot be found in the official systems of the regulators you claim issued them.

TraderKnows, WikiFX, and WikiBit have all published findings pointing to the same regulatory concerns.

2. A recurring pattern of account freezes after users make profits.

Multiple users on Zebra Complaints have documented a similar sequence of events: accounts frozen after profitable trades on the grounds of “flagged funds,” withdrawal restrictions lasting more than three months, and customer service repeatedly responding with nothing more than requests to wait patiently.

One Trustpilot user summarized the experience even more bluntly: “As soon as you make a profit, your account will be frozen for at least a month. After that, they will take your profit.”

3. Allegations of a ten-tier MLM structure.

chapan.cc has characterized YUBIT as the fifth-generation rebranded entity in an alleged Cambodian scam operation pipeline, claiming that it continues to operate a ten-tier MLM structure in which users must recruit 5,000 people to qualify for an upgrade.

The investigation also alleges that its predecessor, Luno, recruited 300 accounts within four months before users' original capital was reduced to zero.

These allegations go far beyond ordinary complaints about poor withdrawal experiences. They raise the possibility that the platform itself could be operating as a fraudulent investment scheme.

4. The identities of its management team remain unclear.

There is insufficient independently verifiable information to establish who John Tan actually is or what experience he has in the cryptocurrency industry.

The platform's claim that its team consists of “professionals from leading global exchanges” is not supported by identifiable individuals with independently verifiable professional backgrounds.

5. Five conflicting accounts of its corporate registration location.

Seychelles, Saint Lucia, the United Kingdom, Redmond, Washington, and an undisclosed location: five sources, five different accounts.

An exchange that cannot even provide a consistent explanation of its corporate registration location raises serious questions about its legal identity and the framework available to protect its users.

YUBIT is not quite like UZX or Azbit, where the problems may be immediately apparent. It offers genuine product functionality, differentiated multi-asset trading, and verifiable trading fee and leverage specifications.

However, its regulatory credentials cannot be verified in official databases, its withdrawal practices have attracted repeated user complaints, its management team's identities remain difficult to trace, and an independent investigative platform has accused it of operating a ten-tier MLM structure.

For any investor, even one of these risk factors alone could be sufficient reason not to deposit funds.

8. Recommendations for New and Existing Users

Advice for new users

1. Do not register. Do not deposit funds.

This is not a platform where you should “just try it with a small amount.”

The inability to verify its claimed MSB and FINTRAC registrations in official databases means that its claimed regulatory credentials cannot be established under these major regulatory frameworks.

If something goes wrong, you may have no clearly identifiable regulatory authority to turn to, no readily traceable legal entity, and no clearly established framework for enforcing user protections.

2. If you have already registered but have not deposited funds, walk away.

Do not make any deposits or transfer cryptocurrency to the platform.

3. If you learned about YUBIT through a friend's referral or community promotion, exercise additional caution.

chapan.cc's allegations specifically point to a “ten-tier MLM structure” in which users allegedly need to recruit 5,000 people to qualify for an upgrade.

Any trading platform that requires users to recruit large numbers of new members to unlock higher levels raises concerns that go beyond ordinary exchange failure risks and into the territory of pyramid-style schemes and fraudulent investment operations.

4. Verify the domain, but more importantly, do not use the platform.

Even if you confirm that you are accessing the official domain, yubit.com, the repeated complaints about accounts being frozen after profits and the inability to verify its regulatory claims still represent substantial risks to your funds.

Advice for existing users

1. Attempt to withdraw your funds immediately, regardless of the amount.

If you have any balance on YUBIT, try making a withdrawal now.

If the withdrawal goes through, it indicates that your account is not currently restricted. If it fails, you will at least have a clearer understanding of the situation you are facing.

2. If your withdrawal is rejected or your account is frozen, do not pay for an account unlock under any circumstances.

If the platform asks you to deposit additional funds or pay a security deposit, guarantee fee, or other charge before your account can be unfrozen, do not pay.

Putting more money into the platform will only increase your potential losses, not resolve the underlying problem.

3. Preserve all available evidence.

The users who have been waiting for more than three months on Zebra Complaints were able to make their cases public partly because they retained complete complaint records and screenshots of customer service communications.

Keep and organize everything chronologically, including:

Every deposit and withdrawal transaction record.

Community and group chat histories.

Screenshots of the platform's promotional materials.

Trading profit and loss records.

Customer service conversations and responses.

Account restriction and withdrawal rejection notifications.

4. Consider reporting the matter to law enforcement and relevant regulatory authorities.

If the amount involved is substantial, consider submitting a report through China's National Anti-Fraud Center (国家反诈中心) app or contacting the police by calling 110.

Depending on the evidence, the matter may warrant investigation for suspected fraud or organized pyramid selling.

The fact that YUBIT's claimed US MSB and Canadian FINTRAC registration numbers cannot be found in the respective official databases may also be relevant supporting material when filing complaints with regulatory authorities.

5. Do not recommend YUBIT to anyone else.

chapan.cc's allegations specifically refer to a structure requiring users to recruit 5,000 people for advancement.

If you have already invited others to join the platform, you have a responsibility to inform them of the risk information you have discovered.

Final Verdict

YUBIT is not a platform we can recommend to anyone.

It does have genuine product features: multi-asset trading, 200x leverage, and competitive trading fees. These are not fabricated selling points.

But the long-term safety of an exchange is not determined by how sophisticated its trading interface looks. It ultimately depends on three fundamental factors:

Whether its regulatory status is genuine.

Whether withdrawals are reliable.

Whether its management team and operating entities can be independently identified and held accountable.

On all three fronts, YUBIT raises serious concerns.

Its claimed MSB and FINTRAC registration numbers cannot be found in official databases. “Accounts frozen after making profits” is its most frequently reported user complaint. An independent investigative platform has also characterized it as operating a “ten-tier MLM structure.”

All these warning signs point in the same direction: This is not a platform whose risks can be justified by a good product experience.

YUBIT is like a beautifully renovated storefront with a business license displayed at the entrance. But when you visit the agency supposedly responsible for issuing that license and check the registration number, you find nothing.

Meanwhile, people who have already walked through the door are posting the same warning online:

“I made money, and the door was locked.”

Coming Next: WikiBit Exchange Exit Risk Ranking – Episode 59: Zaif Exchange. Stay tuned!

Risk Disclaimer: This article represents an independent analytical opinion and does not constitute investment advice. Cryptocurrency investments involve significant risks. Please exercise caution before entering the market.

Information Updated: November 11, 2026. Please cross-check the latest information through multiple independent sources before making any decisions.

WikiBit is a regulatory and risk intelligence platform built specifically for cryptocurrency investors. It provides real-time access to global exchange regulatory licenses, credit ratings, risk alerts, industry news, and genuine user reviews, helping investors identify potential risks, stay away from problematic platforms, and make more informed trading decisions.

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