BiKing Crypto Exchange Review: High Risk, No Regulation, and Security Red Flags

By Robert Stukes On 4 Jan, 2026 Comments (25)

BiKing isn’t just another crypto exchange. It’s a platform built for experienced traders willing to take extreme risks - and it comes with serious warning signs. If you’re looking for a safe, reliable place to trade Bitcoin or Ethereum, BiKing isn’t it. This isn’t a review that says "it’s okay if you’re careful." This is a review that says: BiKing crypto exchange has a history of hacks, no regulation, and practices that put your money in danger.

What BiKing Actually Offers

BiKing lets you trade around 10 major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Monero - though Monero and Dash were suddenly removed in 2023. The platform has a web interface and a mobile app, so you can trade on the go. That’s not unusual. What is unusual is how they attract users: high leverage trading.

Leverage means borrowing money to trade bigger positions. Some exchanges offer 2x or 5x leverage. BiKing offers far more. While exact numbers aren’t public, multiple reviews describe it as "high leverage" - the kind that can wipe out your account in minutes if the market moves against you. This isn’t for beginners. It’s for people who treat trading like gambling. And that’s exactly the kind of user BiKing targets.

No Regulation. No Safety Net.

Unlike Coinbase, Kraken, or Binance, BiKing doesn’t answer to any government agency. No SEC. No FCA. No license. That means they don’t have to follow basic rules like keeping customer funds separate from company money, reporting suspicious activity, or protecting users from fraud.

Regulated exchanges are required to have insurance, audit trails, and compliance teams. BiKing doesn’t. That’s not a feature - it’s a red flag. If something goes wrong, you have no legal recourse. No one is watching them. No one is holding them accountable.

This lack of oversight shows up in their behavior. When privacy coins like Monero came under regulatory pressure, BiKing didn’t give users a heads-up. They just vanished from the platform overnight. Regulated exchanges give 30 to 90 days’ notice. BiKing didn’t. That’s not customer service - it’s panic.

Security Breaches: $8 Million Stolen

BiKing has been hacked - twice. In 2020 and again in 2021, hackers stole over $8 million from user accounts. That’s not a rumor. It’s documented by multiple independent crypto analysis sites.

How did they get in? Weak security. BiKing relied on SMS-based two-factor authentication (2FA). That’s like locking your front door with a paperclip. SMS codes can be intercepted through SIM-swapping attacks. Better exchanges use authenticator apps like Google Authenticator or hardware keys like YubiKey. BiKing doesn’t offer those.

They also didn’t have withdrawal address whitelisting. That means if a hacker gets your login, they can send your coins anywhere - no waiting period, no confirmation steps. That’s a basic security feature most exchanges have had since 2018.

Split pixel scene: safe exchange vs BiKing account exploding with vanishing coins.

Wash Trading and Fake Volume

In 2021, an analysis suggested BiKing was manipulating its trading volume. The term? Wash trading. That’s when a platform or trader buys and sells the same asset to themselves to make it look like there’s more activity than there really is.

Why do this? To trick new users into thinking the exchange is popular and liquid. Regulated exchanges avoid this because it’s illegal. BiKing denies it - but they also don’t publish third-party audit reports. No transparency. No proof.

Compare that to Binance, which publishes its proof-of-reserves monthly. Or Kraken, which lets users verify their holdings on-chain. BiKing gives you nothing.

What Users Say - And What They Lost

Public testimonials are scarce, but the damage speaks for itself. Over $8 million stolen. Privacy coin users furious about sudden delistings. No customer support channels that work reliably. No insurance fund like Binance’s SAFU to cover losses.

There’s no evidence BiKing has improved since the 2021 breaches. No public announcements about new security layers. No mention of cold storage upgrades. No audits. No transparency.

If you’re using BiKing, you’re trusting your money to a platform with a track record of failure. There’s no safety net. No backup plan. No accountability.

How to Protect Yourself (If You Still Use It)

If you’ve already deposited funds on BiKing, here’s what you need to do immediately:

Withdraw everything you can. Don’t wait. Don’t hope it gets better.
Use a hardware wallet like Ledger or Trezor. Never leave coins on an exchange - especially one like this.
Turn off SMS 2FA if you can. Switch to an authenticator app. If BiKing doesn’t let you, that’s another reason to leave.
Never use the same password you use elsewhere. Use a unique, complex password - and change it now.
Use a VPN. BiKing’s servers may be targeted. A VPN adds a layer of obscurity.

But the real advice? Don’t deposit again. Don’t trade. Just get out.

Crumbling BiKing tower with stolen coins falling, users escaping with hardware wallets.

Why BiKing Still Exists

You might wonder: if it’s this risky, why does BiKing still operate?

Because there are people who want high leverage. Because there are people who don’t know better. Because regulation is still patchy globally, and unregulated exchanges can still attract users from countries with weak oversight.

But the market is changing. In 2024, global crypto regulations tightened. The FATF pushed for stricter rules. Exchanges that didn’t comply started disappearing. BiKing’s sudden delisting of privacy coins wasn’t a business decision - it was survival.

They’re not evolving. They’re reacting. And they’re reacting too late.

Alternatives That Actually Protect You

If you want to trade crypto safely, here are real alternatives:

Binance - Largest volume, good mobile app, offers insurance (SAFU fund), and strong security features.
Coinbase - Regulated in the U.S. and EU. Easy for beginners, insured custodial wallets.
Kraken - Strong security track record, supports advanced trading, transparent about audits.
KuCoin - Decent selection of altcoins, good mobile experience, and better security than BiKing.

These platforms have faced hacks too - but they’ve learned. They’ve invested in audits, insurance, and user protection. BiKing hasn’t.

The Bottom Line

BiKing crypto exchange is a high-risk gamble with no upside. It offers leverage, but no protection. It offers coins, but no trust. It offers an app, but no security.

The $8 million stolen. The sudden delistings. The weak 2FA. The lack of regulation. These aren’t minor flaws. They’re systemic failures.

If you’re new to crypto - avoid BiKing completely. If you’re experienced - understand that you’re not trading crypto. You’re betting on whether BiKing will get hacked again.

This isn’t a platform. It’s a liability.

Is BiKing a safe crypto exchange?

No, BiKing is not safe. It has suffered two major security breaches totaling over $8 million in stolen funds, uses outdated SMS-based two-factor authentication, and operates without any regulatory oversight. These factors make it one of the riskiest platforms in the crypto space.

Why was Monero delisted from BiKing?

Monero and Dash were suddenly removed from BiKing in 2023 under regulatory pressure. Unlike regulated exchanges that provide advance notice and formal processes for delistings, BiKing acted without warning, which angered users and signaled reactive compliance rather than responsible management.

Does BiKing have insurance for user funds?

There is no public evidence that BiKing carries any form of insurance for user funds. Unlike Binance’s SAFU fund or Coinbase’s custodial insurance, BiKing offers no safety net for losses due to hacks or operational failures.

Can I trust BiKing’s trading volume?

No. In 2021, independent analyses flagged signs of wash trading - where the exchange artificially inflates volume by buying and selling to itself. BiKing denies this, but provides no third-party audits or transparency to prove otherwise.

What should I do if I have funds on BiKing?

Withdraw your funds immediately. Move them to a hardware wallet like Ledger or Trezor. Disable SMS 2FA if possible, use a strong unique password, and avoid depositing more money. BiKing has a history of security failures - don’t wait for the next breach.

Is BiKing banned in any countries?

BiKing isn’t officially banned in any country because it doesn’t operate under licenses that require formal registration. However, its lack of compliance with FATF guidelines and its history of security breaches make it a high-risk platform in jurisdictions with strict crypto regulations, including the UK, EU, and U.S.

Does BiKing offer better fees than other exchanges?

There is no publicly available data on BiKing’s fee structure. Unlike Binance or Kraken, which clearly list trading and withdrawal fees, BiKing provides no transparency. This lack of disclosure is another red flag - reputable exchanges don’t hide their costs.