Is BingX a Scam?

Is BingX a scam? That’s a fair thing to ask before you put real money into any exchange. Indeed, the crypto industry has a long and messy history of platforms that looked legitimate, took user deposits, and then either collapsed or vanished. Asking questions before you deposit is not paranoia. Rather, it’s just smart.

So let’s go through the actual evidence and give you a proper answer.

What real crypto scams look like

Is BingX a scam? The Ferrari and Chelsea FC answer

In January 2026, BingX became the first ever crypto exchange partner of Scuderia Ferrari HP. Before that, in 2024, they became Chelsea FC’s Official Training Wear Partner.

You might be wondering what a football club and a racing team have to do with your money being safe. Actually, quite a lot.

The FIA governs Ferrari’s Formula 1 operation, and it enforces strict rules about who can sponsor a team. Specifically, before any brand appears on an F1 car, it goes through serious legal, financial, and reputational checks. Ferrari’s commercial team isn’t just collecting a fee. Rather, they protect a brand worth billions. Consequently, they are not going to hand that to an exchange with question marks hanging over it.

Chelsea FC works the same way. Similarly, the Premier League enforces its own commercial compliance requirements. A club of Chelsea’s global profile has everything to lose if a partner turns out to be fraudulent. In fact, one scandal and the reputational damage becomes enormous.

Both Ferrari and Chelsea looked at BingX in detail and decided the exchange was legitimate enough to put their name next to. Granted, that does not guarantee that nothing will ever go wrong. Still, it tells you that BingX has passed scrutiny from organisations that have far more to lose than most traders do.

For you as a trader, that matters. It means BingX isn’t operating in the shadows. So is BingX a scam based on this? Clearly not.

Is BingX safe? The Mazars audit answers that

BingX publishes a Proof of Reserves report that Mazars, one of the world’s most respected independent auditing firms, verifies.

Proof of Reserves is a cryptographic process that proves an exchange actually holds the funds it says it holds. Notably, this became a big deal after FTX collapsed in 2022. FTX had no independent verification. When it turned out the exchange had been using customer funds for other purposes, users lost billions. As a result, no Proof of Reserves existed because no reserves existed to prove.

BingX’s Mazars-verified report means a third party has independently confirmed that the funds are there. Moreover, you can check this yourself on BingX’s transparency page.

In addition, BingX stores the majority of user funds in cold storage. Cold wallets stay offline. Therefore, hackers can’t reach them remotely. This is a basic but important security architecture that not every exchange maintains properly.

Is BingX safe from a reserves standpoint? Yes.

The 2024 hack — this is where it gets interesting

In September 2024, hackers breached BingX. Specifically, they got into the exchange’s hot wallet and stole somewhere between $43 million and $52 million in crypto assets. This is true and there’s no point pretending otherwise.

But here’s what happened next.

Within one hour of detecting the breach, BingX halted all withdrawals and started emergency protocols. Then, within 24 hours, withdrawals for major assets including Bitcoin, Ethereum, and USDT came back online. Deposits resumed on September 22. Finally, by October 24, 2024, BingX restored full unrestricted operations.

Moreover, BingX fully compensated every single user who lost funds from the exchange’s own capital.

Now compare that to WazirX. Hackers hit the Indian exchange for $234 million in the same year. However, WazirX told users that full reimbursement was “highly unlikely.” A lot of those users are still waiting. Similarly, Indodax, an Indonesian exchange that lost $22 million, struggled with its recovery response for weeks.

BingX got hacked for a lot of money. Yet they paid every affected user back. That’s the part that matters.

Is BingX legit? The hack response says yes.

What BingX did after the hack

After the breach, BingX launched a security overhaul called ShieldX.

ShieldX introduced an upgraded firewall across BingX’s wallet infrastructure. Additionally, the exchange partnered with SlowMist and Chainalysis, two of the most respected names in blockchain security, for round-the-clock threat monitoring. BingX also introduced a formal bug bounty program, paying ethical hackers and security researchers to find vulnerabilities before anyone with bad intentions could exploit them. Furthermore, the company added regular independent security audits on top of that.

BingX’s Chief Product Officer Vivien Lin summed it up after operations fully resumed: “We are pleased to confirm that our platform has not only returned to normal operations but has been further enhanced to a level of performance superior to before the incident.”

A scam operation does not do any of this. Instead, it takes the money and goes quiet.

Is BingX legit? Six years, 40 million users, 4.4 Trustpilot

BingX launched in 2018. Since then, it has been running continuously for over six years across more than 100 countries with over 40 million registered users.

Scam exchanges don’t last six years. Likewise, they don’t build a 40 million user base. They don’t maintain compliance teams, pass Ferrari’s due diligence, or sustain a 4.4 Trustpilot rating from thousands of real user reviews over an extended period.

Indeed, the operational scale alone offers meaningful evidence.

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BingX x Ferrari F1BingX became Ferrari’s first ever crypto exchange partner in January 2026 — after passing strict FIA sponsor compliance checks.

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BingX x Chelsea FCBingX became Chelsea FC’s Official Training Wear Partner in 2024 — the Premier League’s commercial compliance team vetted the deal.

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BingX Mazars AuditMazars independently verifies that BingX actually holds the funds it claims. Something FTX never had.

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BingX ShieldXBingX launched ShieldX after the 2024 hack — upgraded firewall, 24/7 monitoring with SlowMist and Chainalysis, and a bug bounty program.

So is BingX a scam?

No.

The evidence points clearly in one direction. Specifically, BingX is a legitimate exchange that has operated for six years, passed independent reserve audits, earned the trust of Ferrari and Chelsea FC, and demonstrated that when things went seriously wrong in 2024, they compensated every affected user in full.

Is BingX perfect? No. The 2024 hack showed that even large, well-resourced exchanges can face vulnerabilities. However, the response to that hack stands as one of the strongest arguments in BingX’s favour. Most exchanges have never faced that kind of test. In contrast, BingX faced it and came through with every user made whole.

If that’s not the standard you’re looking for in a crypto exchange, it’s hard to know what would be.

For a full breakdown of BingX’s features, fees, and products, read our BingX Review 2026. Additionally, to see how BingX compares to other exchanges available in Malaysia, visit our Best Crypto Exchange Malaysia 2026 guide.

Ready to get started? Sign up on BingX here and claim your welcome bonus.

RISK DISCLAIMER

Crypto trading involves significant risk. The value of digital assets can go up or down and you may lose some or all of your investment. This article is for informational purposes only and does not constitute financial advice. Therefore, always conduct your own research before trading.