When you're looking for a crypto exchange, you want speed, low fees, and most of all - safety. But what if the platform you're considering has lost over $8 million in user funds to hackers? What if it’s not regulated anywhere, and it suddenly drops popular coins like Monero and Dash without warning? That’s the reality of BiKing crypto exchange.

What BiKing Actually Offers

BiKing lets you trade Bitcoin, Ethereum, Tether, Litecoin, Ripple, and a few other major coins. It also supports privacy-focused assets like Dash and Monero - though it quietly removed them in 2023 after regulatory pressure. The platform works on both web and mobile, which is convenient if you’re on the go. But beyond that, it doesn’t offer much that’s useful or trustworthy.

It’s known for high-leverage margin trading. That means you can borrow money to放大 your position - say, trade $10,000 with only $1,000 of your own cash. Sounds tempting, right? But here’s the catch: high leverage isn’t a feature. It’s a trap for beginners. One bad move, and you lose everything - including money you didn’t even own. WikiBit’s 2023 review explicitly warns that BiKing is unsuitable for new traders. And they’re right.

No Regulation, No Protection

Unlike Coinbase, Kraken, or even Binance (which has its own issues), BiKing operates with zero official oversight. It doesn’t hold licenses from the FCA in the UK, the SEC in the U.S., or any other financial authority. That means if something goes wrong - if your funds disappear, if the platform freezes withdrawals, or if it just vanishes - you have no legal recourse. No regulator will step in. No insurance fund will cover your losses.

Compare that to regulated exchanges. They’re required to keep a portion of user funds in cold storage, run regular audits, and report suspicious activity. BiKing does none of this. In fact, there’s no public record of it ever conducting a third-party security audit. That’s not just negligent - it’s dangerous.

Security Breaches: A Pattern, Not a Fluke

BiKing has been hacked - twice. In 2020 and again in 2021, hackers stole over $8 million in crypto from user accounts. How? They exploited weak security. Specifically, they targeted SMS-based two-factor authentication (2FA). That’s the same method that lets someone steal your account if they get your phone number ported. It’s outdated, and every reputable exchange moved away from it years ago.

BiKing also reportedly allowed API key access without proper restrictions. That means if a user accidentally leaked their API key, hackers could drain their entire wallet. Regulated exchanges like Kraken and Coinbase require IP whitelisting, withdrawal delays, and multi-signature approvals. BiKing doesn’t. And when you combine that with its history of breaches, it’s clear: your money isn’t safe here.

Wash Trading and Fake Volume

In 2021, an analysis flagged BiKing for possible wash trading - a practice where bots buy and sell the same asset back and forth to make trading volume look higher than it is. This tricks new users into thinking the market is active and liquid. It’s a scam. Regulated exchanges avoid it because they’re monitored. Unregulated ones? They do it all the time.

BiKing denied the accusations. But here’s the thing: they didn’t fix anything. They didn’t publish proof of trading integrity. They didn’t hire an independent auditor to verify their numbers. And they didn’t change their behavior. That silence speaks louder than any denial.

Delisting Privacy Coins - Without Warning

In early 2023, BiKing suddenly removed Monero and Dash from its platform. No advance notice. No explanation beyond “regulatory pressure.” That’s not how responsible exchanges operate. Binance, for example, gives users 30-60 days’ notice before delisting a coin. They explain why. They help users move their assets.

BiKing didn’t. They just turned off trading. People who held those coins were stuck. Some couldn’t withdraw. Others lost access entirely. This isn’t customer service - it’s abandonment. And it’s a red flag for how they treat users under pressure.

What Users Are Saying (Or Not Saying)

There aren’t many public reviews of BiKing - and that’s telling. Most users who’ve lost money don’t bother posting. They’re too frustrated. Those who do complain mention frozen accounts, unresponsive support, and sudden delistings. The lack of testimonials isn’t because BiKing is popular. It’s because people who used it are gone.

Compare that to Binance or Kraken. They have thousands of reviews - good and bad. But at least you can see the pattern. With BiKing, there’s no pattern. Just silence. And that’s scarier than any negative review.

How It Stacks Up Against the Competition

BiKing vs. Major Crypto Exchanges

Feature	BiKing	Binance	Kraken	Coinbase
Regulated?	No	Partially (outside U.S.)	Yes (U.S., EU, Canada)	Yes (47 U.S. states)
Security Breaches (since 2020)	2 (>$8M lost)	1 (2019)	0	0
2FA Method	SMS only	Authenticator + hardware	Authenticator + hardware	Authenticator + hardware
Withdrawal Delays	No	Yes (configurable)	Yes	Yes
Privacy Coin Support	Removed Monero/Dash (2023)	Still available	Still available	Still available
Insurance for User Funds	No	Partial (SAFU fund)	Yes	Yes
Best For	None - high risk	Experienced traders	Security-focused users	Beginners, U.S. residents

BiKing doesn’t just fall behind. It’s in a different category - the dangerous one. Every other major exchange on this list has insurance, better 2FA, and a track record of protecting users. BiKing has nothing but risk.

Who Should Avoid BiKing - And Who Might Still Use It

If you’re new to crypto, don’t even think about BiKing. High leverage, no regulation, and known security flaws make it a recipe for disaster. Even experienced traders should think twice. The $8 million in losses isn’t a one-time event. It’s a pattern.

The only people who might consider BiKing are those who understand the risks and treat it like a gambling site - not an exchange. They use only money they can afford to lose. They never store large amounts on the platform. They withdraw immediately after trading. They use a VPN. They avoid SMS 2FA by using a burner phone number. Even then, it’s not smart. It’s desperate.

What You Should Do Instead

If you want to trade crypto safely, stick with exchanges that are regulated, audited, and transparent. Kraken is great for U.S. users. Binance (outside the U.S.) offers low fees and deep liquidity. Coinbase is the easiest for beginners. All of them have insurance. All of them have strong 2FA. All of them have customer support that actually responds.

And if you’re worried about security? Use a cold wallet. Keep your private keys offline. Never leave crypto on an exchange longer than you have to. That’s the golden rule - and it applies even more to platforms like BiKing.

The Bottom Line

BiKing isn’t a crypto exchange you can trust. It’s a high-risk platform with a history of theft, no regulation, and zero accountability. It offers high leverage because it wants you to lose money. It drops coins because it’s scared of regulators. It hides behind silence because it has nothing to prove.

There are better options. Safer options. Cheaper options. And they’re all out there. You don’t need to gamble your savings on a platform that’s already proven it can’t protect you. Don’t let the promise of high returns blind you to the reality of high risk. Your crypto isn’t just an investment. It’s your money. Treat it like it matters.