[PRESS RELEASE – Dubai, United Arab Emirates, August 13th, 2024]
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced the implementation of a comprehensive listing and delisting framework designed to enhance user protection, uphold market integrity, and promote the overall health of the blockchain ecosystem.
With Bybit’s spot market share rising above 20% and securing its position as the second-largest exchange, Bybit has become the most preferred listing platform, with 151 new tokens listed in Spot so far in 2024. This preference is driven by the extensive support we offer, from product support—such as Pre-Market, ByStarter, Launchpad, Launchpool, Spot Listing, Perp Listing, and even Options Listing and Earn product integration—to robust marketing and operational support, with over 30 million viewers across 24 livestreams in the first half of 2024.
As Bybit continues to mature and establish itself as the most preferred platform, we recognize our growing obligation to both our customers and the industry. Bybit’s philosophy is to list the projects our clients want, ensuring that our platform remains aligned with user needs and market demands. However, the surge in project listings across the crypto industry has raised concerns about transparency, security, and potential market manipulation. Bybit is committed to addressing these challenges through a proactive approach that prioritizes the interests of its users.
Here is the key pioneering framework Bybit is committed to:
- Pre-Market Mechanism: To mitigate market manipulation, Bybit will continue to utilize its Pre-market feature, which bridges the gap between primary and secondary markets, providing a more orderly trading environment.
- Ongoing Compliance Monitoring: Bybit will establish a system for ongoing monitoring of listed projects to ensure they continue to meet listing criteria and disclosure obligations. This includes periodic reviews of project performance, financial audits, and technology audits.
- Transparent Information Disclosure: Bybit will provide users with comprehensive information about the key dates related to listed projects, including protocol upgrade, token burn, frozen maturities. This transparency allows users to make informed decisions and avoid unexpected developments.
- Clear Delisting Protocols: The exchange will establish clear delisting criteria, including performance metrics, compliance failures, and fraudulent activities. This ensures that underperforming or risky projects are removed from the platform.
- Community Engagement: Bybit will actively seek feedback from its user community to inform listing decisions and enhance transparency. This will be done through regular surveys, voting mechanisms, or advisory panels.
Bybit is not only committed to achieving fairness and transparency through this new framework, but also calls on industry players to do the same. “The industry will only be able to benchmark itself against traditional finance if we co-build a healthy and sustainable ecosystem,” said Helen Liu, Chief Operating Officer at Bybit.
“Our goal is to create a fairer, more transparent, and secure marketplace for everyone. We believe that blockchain’s inherent transparency, decentralization, and open nature are powerful tools that enable market participants to make informed decisions. By establishing rigorous listing criteria and clear delisting protocols, we are taking a significant step toward protecting our users and fostering long-term, sustainable growth within the blockchain industry.”
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 39 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can visit Bybit Press.
For media inquiries, users can contact: media@bybit.com
For more information, users can visit: https://www.bybit.com
For updates, users can follow: Bybit’s Communities and Social Media
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