Bybit puts crypto transparency in the spotlight
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VICTORIA, Seychelles, 10 November 2022, Chainwire — City bit, the world’s third most visited crypto exchange, has said that recent market volatility is a wake-up call for the industry and that customer confidence and market stability should be the top priority for every exchange. Bybit also highlighted that the recent uncertainty had thrown the spotlight on fund security, custody and transparency, and the industry would have to deal with this head on.
“The entire sector has a duty and obligation to do better for our customers,” said Ben Zhou, co-founder and CEO of Bybit. “Bybit has always been a leader in this area and provides one of the highest levels of fund safety and security in the industry – but we can also do better.”
Zhou also emphasized Bybit’s attitude towards customer funds. “Bybit is NOT a bank, we are a depository for our customers’ funds. We do not use these funds for any other purpose! Bybit can guarantee that all of the customer’s assets are stored in one-to-one liquidity held in custody – available in full, on request, and without delay if requested.”
Bybit praised industry initiatives to provide greater security for customers when navigating a volatile market. Bybit has long advocated an industry-wide standard for transparency that will help to provide greater trust and credibility for the industry and trust for customers and regulators.
The company also said that despite its trust and security credentials, it expected to establish a Proof of Reserve program in the near future – as an example of best practice for other exchanges and a symbol of its ongoing commitment to open and transparent trading.
Looking to the future Zhou added. “We are here for the long haul and attach great importance to maintaining focus and strict processes, guidelines, compliance and our overall risk management strategy. As we navigate the bear market, we’re building out our products and front-line people – preparing for a jump start when the market turns.”
About Bybit
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of the Formula 1 racing team, Oracle Red Bull Racing, the esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports and Oracle Red Bull Racing Esports, and the football (soccer) ) team Borussia Dortmund and Avispa Fukuoka.
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