[Exchanges](https://revain.org/exchanges/) › BYDFi

# BYDFi: licences, security, fees and reviews

Centralized exchange

## Key facts

- **Type**: Centralized exchange
- **Exchange launched**: 2020
- **Official site**: [bydfi.com/en](https://www.bydfi.com/en)

Key facts checked on 29 October 2026 against official sources and regulator registers.

## What is BYDFi

BYDFi, formerly BitYard, is a centralised crypto exchange that launched in 2020. Its User Agreement names Multinex Inc., a US company registered with FinCEN as a money services business, as the operator. It offers spot and futures trading, copy trading, trading bots and a fiat on-ramp.

## Good to know

- The User Agreement (last updated 9 January 2026) names Multinex Inc., incorporated in the United States, as the operator. FinCEN's MSB register lists Multinex Inc. in Basalt, Colorado (searched 29 October 2026). [↗](https://www.bydfi.com/en/user-agreement)
- A FinCEN MSB registration is a federal registration, not a licence or endorsement. The register itself says inclusion is not a certification of legitimacy. [↗](https://msb.fincen.gov/)
- The User Agreement in the Help Center lists the United States, the United Kingdom, Canada, Singapore, Hong Kong, mainland China and others as prohibited jurisdictions, although the operator named in the main agreement is a US company. [↗](https://www.bydfi.com/support/article/user-agreement-433112044095270912)
- BYDFi's AML/CFT policy says it operates primarily in Seychelles. The Seychelles FSA list of licensed VASPs and applicants under assessment did not include BYDFi or Multinex on 29 October 2026. [↗](https://www.bydfi.com/support/article/bydfi-aml-cft-policy-420571993721394176)
- FinCEN's MSB register also lists three other entities with BYDFi in their name: BYDFi Global LTD. and BYDFI BLOCKCHAIN LIMITED (Colorado addresses) and BYDFi Fintech LTD (street address in Makati City, Philippines; foreign location listed as Seychelles). [↗](https://msb.fincen.gov/)
- The User Agreement is governed by the laws of England and Wales. Disputes go first to mediation, then to SIAC arbitration seated in Hong Kong. Users waive jury trials and class actions. The Terms of Use name the law of Colorado, and the Terms of Service the law of the Seychelles. [↗](https://www.bydfi.com/en/user-agreement)
- Fee rates can differ by region and promotion. Zero-fee events do not cover liquidation, and a liquidated futures position loses all of its margin. [↗](https://www.bydfi.com/en/zero-fee)
- Two other BYDFi documents name different operators: the Terms of Use (7 August 2026) name BYDFi Blockchain Ltd, and the Terms of Service of the same date name BYDFi Fintech LTD. Both companies are on FinCEN's MSB register. [↗](https://www.bydfi.com/support/article/bydfi-terms-of-use-420555913363819520)
- The Terms of Use and Terms of Service give longer lists of prohibited countries that differ from the User Agreement's. They add, among others, France, India, the UAE, Belarus and Venezuela, but neither names Kazakhstan, which the User Agreement lists, and the Terms of Use, unlike the Terms of Service, do not list the United Kingdom as a prohibited country. [↗](https://www.bydfi.com/support/article/bydfi-terms-of-use-420555913363819520)
- No BYDFi entity is in ESMA's interim MiCA register of authorised crypto-asset service providers or in its list of non-compliant providers (update of 22 October 2026, checked 29 October 2026). [↗](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica)

## Services

| Parameter | Details |
|---|---|
| Spot trading | Spot crypto trading. |
| Derivatives | USDT-margined and coin-margined perpetual futures, including futures on stocks and oil. |
| Copy trading | Copy trading of other traders' strategies. |
| Trading bots | Spot grid, spot investment (recurring purchases), spot Martingale and futures grid bots. |
| Fiat deposits | Quick Buy fiat on-ramp provided through partners. |
| P2P | Peer-to-peer (P2P) trading between users. |

## Licences and registrations

| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| United States | Multinex Inc. | Money services business registration No. 31000323612735 (money transmitter, money orders, foreign exchange); latest registration filing received 1 March 2026 (the User Agreement of 9 January 2026 already cites this number) | [FinCEN](https://msb.fincen.gov/) |
| United States | BYDFI BLOCKCHAIN LIMITED | Money services business registration (money transmitter, money orders, foreign exchange); Aurora, Colorado; latest registration filing received 26 March 2026 | [FinCEN](https://msb.fincen.gov/) |
| United States | BYDFi Fintech LTD | Money services business registration (money transmitter, money orders, foreign exchange); street address in Makati City, Philippines; foreign location listed as Seychelles; latest registration filing received 11 March 2026 | [FinCEN](https://msb.fincen.gov/) |

## Status in the United States and the United Kingdom

- Multinex Inc., the US company named as operator in BYDFi’s User Agreement (last updated 9 January 2026), is listed in FinCEN’s MSB Registrant Search under No. 31000323612735, received 1 March 2026. FinCEN says a listing is not an endorsement. [FinCEN, MSB Registrant Search](https://msb.fincen.gov/)
- BYDFi Blockchain Limited (Aurora, Colorado; received 26 March 2026) and BYDFi Fintech LTD (street address in Makati, Philippines; foreign location Seychelles; received 11 March 2026), the operators named in BYDFi’s Terms of Use and Terms of Service, are also listed in FinCEN’s MSB Registrant Search. [FinCEN, MSB Registrant Search](https://msb.fincen.gov/)
- BYDFi’s User Agreement of 18 September 2026 says it does not serve or accept registrations from the United States or the United Kingdom; the Terms of Use of BYDFi Blockchain Ltd (7 August 2026) also list the United States among “Prohibited Countries”. [BYDFi, User Agreement](https://www.bydfi.com/support/article/user-agreement-433112044095270912)
- Searches for “BYDFi” and “BitYard” on the FCA Financial Services Register returned no firm on 29 October 2026, and the FCA website search returned no pages, including no FCA warning, for “BYDFi”, “BitYard” or “Multinex”. [FCA Financial Services Register](https://register.fca.org.uk/s/search?q=bydfi&type=Companies)
- Under the UK money laundering regulations, cryptoasset businesses must register with the FCA before offering in-scope services in the course of business carried on in the UK. [FCA, cryptoasset AML/CTF regime](https://www.fca.org.uk/firms/financial-crime/money-laundering-terrorist-financing/cryptoassets-aml-ctf-regime)

Checked on 29 October 2026 against regulator registers and the text of the law.

## Security and audits

- BYDFi says user assets are kept in offline cold wallets with multi-signature access, and that no private keys are stored on cloud servers.
- Accounts support two-factor authentication with Google Authenticator and a withdrawal address whitelist.
- BYDFi says it uses proof of reserves verified by third parties, security audits and insurance protections, but publishes no reserve figures, date or auditor.
- System access requires multi-factor and hardware authentication. The platform runs on Amazon Web Services and uses Cloudflare against DDoS attacks.

## Fees

| Parameter | Details |
|---|---|
| Spot maker | 0.1% |
| Spot taker | 0.1% |
| Futures maker | 0.02% (USDT-M and COIN-M perpetuals) |
| Futures taker | 0.06% (USDT-M and COIN-M perpetuals) |
| Deposits | Free |
| Withdrawals | Fixed fee per asset and network, listed with the minimum withdrawal amount in the Deposit/Withdrawal table of the fee page; free to another BYDFi user |
| Futures grid bots | 0.02% maker, 0.06% taker |
| Convert | No separate fee; costs are included in the quoted price |
| Rate changes | Maker and taker rates may vary with platform events or the user's region |

## Who can use it

- Verification: Identity verification with a government-issued ID and a selfie is required for full access. Users who deposit fiat must complete KYC before any withdrawal. A KYC prompt in BYDFi's site interface warns that, without KYC, deposits may not be credited and services may be restricted.
- Not available to residents of North Korea, Cuba, Sudan, Iran, mainland China, Singapore, the United States, the United Kingdom, Hong Kong, Kazakhstan, Russian-controlled regions of Ukraine, Canada, and sanctioned or FATF-blacklisted countries, according to the Help Center User Agreement; the Terms of Use and Terms of Service also list France, India, the UAE, Belarus, Venezuela and other countries.

## History

| Date | Event |
|---|---|
| 2020 | BYDFi launches. |
| 2022 | Perpetual futures are introduced. |
| 2025 | BYDFi becomes the official cryptocurrency exchange partner of Newcastle United and announces a partnership with Ledger. |
| 2026 | BYDFi expands into TradFi products and trading bots. |
| 1 March 2026 | FinCEN receives the latest money services business registration filing of Multinex Inc.; the User Agreement of 9 January 2026 already cites its registration number. |
| 11 March 2026 | FinCEN receives the latest money services business registration filing of BYDFi Fintech LTD. |
| 26 March 2026 | FinCEN receives the latest money services business registration filing of BYDFi Blockchain Limited. |

## Risks and caveats

- The User Agreement says users bear all risks of trading and that BYDFi is not liable for them.
- Futures trading is highly leveraged. The site advertises up to 500x on BTC futures, and liquidation costs the whole position margin.
- BYDFi may suspend, restrict or close accounts at its sole discretion and does not have to explain why.
- BYDFi publishes no proof-of-reserves figures. Its site names no licence from a financial regulator (its /en/license page returns 404); on 29 October 2026 BYDFi was not on the Seychelles FSA VASP list or ESMA's interim MiCA register. Its only listed status is a US FinCEN MSB registration, which is not a licence.
- BYDFi holds full custody of user assets. BYDFi may give written notice to close positions and withdraw; if the user does not, it may close open positions, convert assets (for example BTC to USDT) and close the account.
- Claims must be brought within one year and only in individual arbitration; class actions are waived.

## About the company

- **Legal entity**: Multinex Inc. (United States), per the User Agreement
- **Address on FinCEN record**: Multinex Inc.: 310 Market Street, Basalt, Colorado (street address in FinCEN's MSB register, as supplied by the registrant); BYDFi does not name a headquarters
- **Founded**: Exchange launched in 2020; Multinex Inc.'s latest FinCEN registration filing was received on 1 March 2026
- **Formerly**: BitYard
- **Legal entity**: BYDFi Blockchain Ltd, per the Terms of Use of 7 August 2026
- **Legal entity**: BYDFi Fintech LTD, per the Terms of Service of 7 August 2026

## Official links

- Website: [www.bydfi.com/en](https://www.bydfi.com/en)
- Fees: [www.bydfi.com/en/fee](https://www.bydfi.com/en/fee)
- Terms of use: [www.bydfi.com/en/user-agreement](https://www.bydfi.com/en/user-agreement)
- Security: [www.bydfi.com/support/article/security-of-bydfi-432401072388959232](https://www.bydfi.com/support/article/security-of-bydfi-432401072388959232)
- FinCEN MSB register: [msb.fincen.gov](https://msb.fincen.gov/)

## Questions and answers

**Is BYDFi regulated?**

The operator named in its User Agreement, Multinex Inc., is registered with US FinCEN as a money services business (No. 31000323612735); BYDFi Blockchain Ltd and BYDFi Fintech LTD, named in its other terms, are also on FinCEN's MSB register. These are registrations, not licences. BYDFi was not on the Seychelles FSA VASP list on 29 October 2026.

**Does BYDFi publish proof of reserves?**

BYDFi says it uses third-party-verified proof of reserves, but its site gives no reserve figures, date or auditor.

**What are BYDFi's fees?**

Under the Help Center's Transaction Fee Calculation article (updated 29 October 2026), the standard rate is 0.1% maker and taker on spot, and 0.02% maker and 0.06% taker on perpetual futures; the fee page shows the same headline rates. BYDFi says maker and taker rates may vary with platform events or the user's region. Deposits are free, and withdrawals carry a fixed fee per asset and network, listed on the fee page.

**Who owns BYDFi?**

The User Agreement names Multinex Inc., a US company, as the operator. Owners and executives are not disclosed.

**Is BYDFi available in the US?**

No. The Help Center User Agreement lists the United States, the United Kingdom and Canada among prohibited jurisdictions.

**Which companies operate BYDFi?**

BYDFi's documents name three operators: Multinex Inc. (User Agreement of 9 January 2026), BYDFi Blockchain Ltd (Terms of Use) and BYDFi Fintech LTD (Terms of Service). All three are on FinCEN's MSB register.

**Is BYDFi licensed in the EU?**

No BYDFi entity was in ESMA's interim MiCA register on 29 October 2026. France is on the prohibited-country list in BYDFi's Terms of Use.

**Does BYDFi require KYC?**

Full access requires an ID and a selfie. Users who deposit fiat must complete KYC before any withdrawal.

## Sources

- [BYDFi — About](https://www.bydfi.com/en/about)
- [BYDFi — Home (FAQ and account texts)](https://www.bydfi.com/en)
- [BYDFi — User Agreement (last updated 9 January 2026)](https://www.bydfi.com/en/user-agreement)
- [BYDFi Help Center — User Agreement](https://www.bydfi.com/support/article/user-agreement-433112044095270912)
- [BYDFi Help Center — AML/CFT Policy](https://www.bydfi.com/support/article/bydfi-aml-cft-policy-420571993721394176)
- [BYDFi Help Center — Transaction Fee Calculation](https://www.bydfi.com/support/article/transaction-fee-calculation-420626952122912768)
- [BYDFi Help Center — Deposit & Withdrawal Fees](https://www.bydfi.com/support/article/deposit-withdrawal-fees-432587345120586752)
- [BYDFi Help Center — Security of BYDFi](https://www.bydfi.com/support/article/security-of-bydfi-432401072388959232)
- [BYDFi Help Center — What Is KYC Verification?](https://www.bydfi.com/support/article/what-is-kyc-verification-425623038470246400)
- [BYDFi — 0-Fee Fest terms](https://www.bydfi.com/en/zero-fee)
- [FinCEN — MSB Registrant Search (Multinex Inc.; BYDFi)](https://msb.fincen.gov/)
- [Seychelles FSA — Licensed VASPs](https://fsaseychelles.sc/vasp/licensed-vasps)
- [BYDFi Help Center — Terms of Use (BYDFi Blockchain Ltd, 7 August 2026)](https://www.bydfi.com/support/article/bydfi-terms-of-use-420555913363819520)
- [BYDFi Help Center — Terms of Service (BYDFi Fintech LTD, 7 August 2026)](https://www.bydfi.com/support/article/terms-of-service-420554418715203584)
- [BYDFi Help Center — Withdrawal Without Verification](https://www.bydfi.com/support/article/what-is-withdrawal-without-verification-pc-438439195111718912)
- [ESMA — Interim MiCA register](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica)
- [FCA Financial Services Register](https://register.fca.org.uk/s/search?q=bydfi&type=Companies)
- [FCA, cryptoasset AML/CTF regime](https://www.fca.org.uk/firms/financial-crime/money-laundering-terrorist-financing/cryptoassets-aml-ctf-regime)

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Page updated: 2026-10-29

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Source: https://revain.org/exchanges/bydfi/