Bybit Denies $1.4M Listing Fee Allegations, Calls for Evidence

Crypto exchange Bybit has refuted allegations that it charges $1.4 million to list a token on its platform. These claims were made by a social media user with a significant following, who also accused the exchange of using key opinion leaders (KOLs) to silence students who were given trial contracts through Bybit’s Campus Ambassador program.

On April 14, the user “silverfang88” posted on X, alleging that Bybit demanded millions from projects in listing fees. The user further claimed that Bybit used KOLs to suppress complaints from students who were part of the platform’s Campus Ambassador program.

In response, Bybit CEO Ben Zhou denied the allegations and challenged the social media user to provide evidence backing the claims. Zhou emphasized that the crypto space has been plagued by rumors posted without evidence, leading to a chaotic environment.

In a statement, a Bybit representative clarified the requirements for listing on the crypto exchange. According to Bybit, the exchange requires three things from projects: a promotion budget, a security deposit, and an evaluation process. Projects are expected to allocate promotional funds for user engagement activities, though legal constraints prevent exchanges from holding tokens directly. Bybit asks for a deposit of $200,000–$300,000 in stablecoins to ensure promotional goals are met, with penalties applying if the targets are not reached.

In addition to the promotional funds, the exchange’s listing process includes form submissions, internal voting, research, and a listing review meeting. Evaluations focus on fundamentals and risk controls, including onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms, and team credentials.

In response to the allegations regarding the Campus Ambassador program, Zhou again called for proof, stating, “Please show evidence if Bybit has done anything wrong.” The exchange has not directly addressed the specific claims related to its ambassador program at the time of publication.

This incident highlights the ongoing challenges faced by crypto exchanges in maintaining transparency and trust within the community. The allegations and subsequent denials underscore the importance of evidence-based claims and the need for clear communication from exchanges regarding their listing processes and promotional activities.