Dubai, United Arab Emirates, August 13, 2024, Chainwire
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, preserve market integrity, and promote the overall health of the blockchain ecosystem.
As Bybit’s spot market share has increased to over 20% and cemented its position as the second largest exchange, Bybit has become the most popular listing platform, with 151 new tokens listed on spot so far in 2024. This preference is due to the comprehensive 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 H1 2024.
As Bybit continues to mature and establish itself as the most preferred platform, we recognize our growing commitment to our customers and the industry. Bybit’s philosophy is to list the projects our customers want and ensure our platform meets user needs and market demands. However, the rise 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 puts its users’ interests first.
Here is the main groundbreaking framework that Bybit is committed to:
- Pre-market mechanism: To curb market manipulation, Bybit will continue to utilize its pre-market feature, which bridges the gap between primary and secondary markets and provides a more orderly trading environment.
- Ongoing compliance monitoring: Bybit will establish a system for ongoing monitoring of listed projects to ensure that they continue to meet listing criteria and disclosure requirements. This includes regular reviews of project performance, financial audits and technology audits.
- Transparent information disclosure: Bybit will provide users with comprehensive information on key dates of listed projects, including protocol upgrades, token burns, and frozen expiries. This transparency will enable users to make informed decisions and avoid unexpected developments.
- Delete delisting logs: The exchange will establish clear delisting criteria, including performance metrics, compliance violations, and fraudulent activities, to ensure that underperforming or risky projects are removed from the platform.
- Community involvement: Bybit will actively seek feedback from its user community to inform listing decisions and increase transparency through regular surveys, voting mechanisms or advisory panels.
With this new framework, Bybit is not only committed to fairness and transparency, but also calls on industry players to do the same. “The industry will only be able to compete with traditional finance if we work together to 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 the inherent transparency, decentralization and openness of blockchain are powerful tools that enable market participants to make informed decisions. By establishing strict listing criteria and clear delisting protocols, we are taking an important step to protect our users and promote 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. Founded in 2018, Bybit offers 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 the reigning Formula 1 constructor and driver champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can contact Bybit Press.
For media inquiries, users can contact [email protected].
For more information, users can visit: https://www.bybit.com
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contact
Head of PR
Tony Au
Bybit
[email protected]
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