Crypto exchange Bybit has rejected accusations made by a social media user claiming the platform demands millions in listing fees and misuses its Campus Ambassador programme.
Listing Fee Allegations Refuted
On April 14, an X user known as “silverfang88” — who has over 100,000 followers — alleged that Bybit charges up to $1.4 million for projects to be listed on the exchange. The user also accused the company of employing key opinion leaders (KOLs) to silence students linked to its Campus Ambassador programme.
In response, Bybit CEO Ben Zhou denied the claims and urged the user to provide concrete evidence. “Please show evidence if Bybit has done anything wrong,” Zhou wrote on X, adding that the crypto industry is plagued by baseless rumours.
A Bybit spokesperson clarified that the exchange does not demand a $1.4 million listing fee. Instead, it asks projects for three components during the listing process: a promotional budget, a refundable security deposit, and a thorough evaluation.
Security Deposit and Listing Process
Bybit explained that a security deposit between $200,000 and $300,000 in stablecoins is required to ensure that promotional commitments are met. This deposit is separate from the promotional budget used to engage users. The exchange noted that due to legal limitations, it cannot directly hold project tokens.
Additionally, the listing process involves several stages: form submission, internal voting, research, and a listing review meeting. The evaluation focuses on the project’s fundamentals, risk controls, on-chain data, token valuation, use cases, and team credentials.
Campus Ambassador Programme Claims
The social media post also claimed that Bybit offered trial contracts to students participating in its 2024 Campus Ambassador programme and used KOLs to suppress their complaints.
Source: Ben Zhou
While the exchange has not yet issued a direct response to these particular accusations, CEO Zhou reiterated his demand for proof. As of publication, no further statement regarding the ambassador programme has been released by Bybit.
Exchange Urges Evidence-Based Dialogue
Bybit has called for accountability and fact-based discussion within the crypto community. “The space has become chaotic because of unverified claims,” Zhou noted, highlighting the importance of transparency and verifiable information in the industry.
The controversy continues to unfold as the crypto exchange maintains its stance against the allegations and awaits supporting evidence from the accuser.
