In a move to prioritize user protection, uphold market integrity, and boost the overall health of the blockchain ecosystem, Bybit, the world’s second-largest cryptocurrency exchange, recently unveiled a comprehensive listing and delisting framework. With Bybit’s spot market share surpassing 20% and solidifying its position as the second-largest exchange, the platform has emerged as the top choice for new token listings, with 151 tokens added to Spot in 2024 so far. However, with the rapid increase in project listings across the cryptocurrency industry, concerns regarding transparency, security, and potential market manipulation have surfaced.
Bybit’s new framework includes several key components aimed at addressing these challenges and ensuring a fair and transparent marketplace for all users. The framework consists of the following:
To combat market manipulation, Bybit will continue leveraging its Pre-Market feature, which serves as a bridge between primary and secondary markets, creating a more orderly trading environment.
Bybit will implement a system for continuous monitoring of listed projects to verify they meet all listing criteria and disclosure requirements. This will involve regular reviews of project performance, financial audits, and technology audits.
Bybit will provide users with comprehensive information on key dates related to listed projects, including protocol upgrades, token burns, and frozen maturities. This increased transparency will empower users to make informed decisions and avoid any unexpected developments.
The exchange will establish transparent delisting criteria, including performance metrics, compliance failures, and fraudulent activities. This ensures that projects that underperform or pose risks are promptly removed from the platform.
Bybit will actively seek feedback from its user community to inform listing decisions and enhance transparency. This will involve regular surveys, voting mechanisms, or advisory panels to ensure that user preferences are taken into account.
Bybit is committed to achieving fairness and transparency through this new framework and calls on other industry players to do the same. Helen Liu, Chief Operating Officer at Bybit, emphasized the importance of creating a healthy and sustainable ecosystem within the blockchain industry. By establishing stringent listing criteria and clear delisting protocols, Bybit aims to protect its users and support long-term growth in the industry.
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 39 million users. Established in 2018, Bybit offers a professional platform with an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is also a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
By implementing this new listing framework, Bybit is taking significant steps towards enhancing user protection, promoting market integrity, and fostering sustainable growth in the blockchain industry.