Bybit Denies $1.4M Listing Fees, Calls for Evidence

Cryptocurrency exchange Bybit has strongly denied allegations that it charges $1.4 million in fees for listing tokens on its platform. These claims were made by a social media user 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. Bybit CEO Ben Zhou refuted these allegations, emphasizing the need for evidence to support such claims and highlighting the disruptive nature of unfounded rumors in the crypto space.

In response to the allegations, Bybit provided a detailed explanation of its listing process. The exchange requires projects to allocate a marketing budget for user engagement activities, as legal restrictions prevent exchanges from holding project tokens. Additionally, Bybit imposes a security deposit ranging from $200,000 to $300,000 in stablecoins. This deposit is refundable but can be penalized if the project fails to meet its promotional goals. The listing process involves several steps, including the submission of application forms, internal voting, research, and a final review meeting. The evaluation criteria focus on fundamentals and risk controls, such as onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms, and team credentials.

The social media user also alleged that Bybit provided trial contracts to students under its 2024 Campus Ambassador program and used KOLs to suppress complaints. In response, CEO Ben Zhou called for evidence to support these claims, stating, “Please show evidence if Bybit has done anything wrong.” As of the time of publication, Bybit has not directly addressed the specific allegations related to its ambassador program.