Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new listing and delisting framework aimed at improving user protection and market integrity. This move is part of Bybit’s commitment to maintaining a healthy blockchain ecosystem as its spot market share surpasses 20%.
In the press release, Bybit detailed its plans to address the rising concerns of transparency, security, and market manipulation amid a surge in project listings across the crypto industry.
The exchange, which has listed 151 new tokens in its spot market so far in 2024, is now focusing on implementing a comprehensive framework designed to meet the growing demands of its users and the market.
Bybit’s Updated Listing Standards with Key Components
Bybit intends to persist in employing its Pre-market function to facilitate the transition between primary and secondary marketplaces. This strategy seeks to reduce market manipulation and offer a more orderly trading environment.
The exchange is going to set up a mechanism to keep an eye on listed projects regularly. Financial audits and performance reviews are examples of this.
Bybit intends to increase openness by giving consumers full details about important dates associated with projects that are mentioned. To help users make better judgements, this will provide information on protocol improvements, token burning, and frozen maturities.
The exchange will implement clear criteria for delisting projects. Bybit intends to enhance openness and steer listing decisions by actively soliciting feedback from its user community. Advisory panels, voting procedures, or frequent surveys will all be used to accomplish this.
A Note from the COO
Helen Liu, Chief Operating Officer at Bybit, explained the need of the new framework. “The industry will only be able to benchmark itself against traditional finance if we co-build a healthy and sustainable ecosystem,” Liu said.
She added, “Our goal is to create a fairer, more transparent, and secure marketplace for everyone. 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.”
In other developments, Bitget Wallet has doubled its user base to 30 million in less than a year, marking a noteworthy milestone. In July 2024, the wallet broke the record for most app downloads worldwide, even outpacing Metamask’s growth. This accomplishment demonstrates the rising acceptance of bitcoin services around the globe and the growing appeal of digital asset management solutions.