Bybit, Asia’s leading crypto exchange, introduces a new comprehensive set of rules for crypto listing and delisting. This significant move aims to ensure user protection, market integrity, and the overall growth of the blockchain ecosystem. The digital asset platform intends to tackle transparency and market manipulation issues by implementing such rules.
Bybit’s New Rules Aim to Ensure Safety and Transparency
On August 12, Bybit, the second largest crypto exchange by trading volume, announced the new listing requirement for projects that plan to list on the exchange. In the press release, the exchange stated that Bybit continues to establish itself as the most preferred platform globally. Alongside this, the crypto exchange actively recognizes its responsibilities towards the crypto industry and its customers. Moreover, the exchange adheres to users’ demands and follows market trends actively. Project listings without prior checks lead to security issues and market manipulation.
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Bybit added that the firm is committed to addressing such challenges and prioritizing users’ interests. Similarly, Bybit has strengthened its position in the crypto landscape as the most preferred and widely used platform for token listings. With achieving a share of over 20% in the spot market, the crypto exchange has listed 151 new tokens since the start of 2024. The remarkable performance results from the extensive features and support system the firm offers.
The company has developed a robust marketing strategy with multiple listing options, including Pre-Market, Bybit Launchpad, Bystarter, Launchpool, Spot listing, and Option listing. Due to this variety of features, Bybit attracted over 30 million users through 24 live streams in the first half of 2024.
Precautions Set for New Listings on Bybit Exchange
- Pre-Market Feature: Bybit will utilize its Pre-market option to mitigate risks of market manipulation. This step will bridge the gaps between primary and secondary market listing and provide a systematic trading environment.
- Compliance Monitoring: Exchange will develop a system to monitor listed projects to ensure they comply with the regulatory framework. This will include verifying financial audits, project performance, and tech audits.
- Information Disclosure: Crypto projects listed on Bybit must notify the exchange before performing any development-related actions, including token burns, frozen maturities, and protocol upgrades. This step will allow users to make wise and informed decisions.
- Delisting Protocols: The exchange will provide a clear delisting criterion for underperforming risky projects listed on the market. The requirements will include performance metrics, compliance features, and fraudulent actions.
- Community Engagement: Bybit will get client feedback through surveys, voting mechanisms, and advisory panels. This step will ensure the transparency of Bybit’s actions to the crypto community.
Additionally, Bybit advises big industry players to be fair and transparent in their actions. While talking about the exchange’s unwavering support and commitment, Helen Liu, the Chief Operating Officer at Bybit, noted in a statement:
Our goal is to create a fairer, more transparent, and secure marketplace for everyone. We believe that blockchain’s inherent transparency, decentralization, and openness are powerful tools enabling 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.
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