Crypto trading platform Bybit has refuted allegations that it demands a whopping $1.4 million to list a token on its site. These assertions were made by a social media influencer with a following of more than 100,000, on April 14.
The user, known as “silverfang88”, also claimed that Bybit was using key opinion leaders (KOLs) to quell student voices who had received trial contracts through the platform’s Campus Ambassador program. Ben Zhou, the CEO of Bybit, has called these allegations baseless and requested the accuser to produce evidence to substantiate his claims. Zhou added that groundless rumors are contributing to the chaotic state of the crypto space.
In a response to Cointelegraph, a spokesperson from Bybit clarified the prerequisites for listing on their platform. According to the spokesperson, projects need to fulfil three requirements: a promotion budget, a security deposit, and an evaluation process. The spokesperson explained, “Projects are anticipated to set aside promotional funds for user engagement activities, although legal restrictions prevent exchanges from directly handling tokens.”
Bybit requires a deposit ranging from $200,000 to $300,000 in stablecoins to ensure promotional objectives are met. If these targets are unmet, penalties could apply. The exchange’s listing process involves form submissions, internal voting, research, and a listing review meeting. The spokesperson emphasized that, “Assessments focus on fundamentals and risk management, including on-chain data, address authenticity, use cases, user distribution, project value, token valuation, value-capture mechanisms, and team credentials.”
In addition to the listing fee allegations, the user also accused Bybit of offering trial contracts to students under its 2024 Campus Ambassador program and using KOLs to suppress any grievances. The user linked the issue to the trading platform’s Campus Ambassador program in 2024. In response, Zhou reiterated his call for evidence, asking the user to prove any wrongdoing on Bybit’s part. At the time of writing, the exchange has not specifically addressed the allegations relating to its ambassador program.
