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Cryptocurrency exchange Bybit believes that digital asset trading platforms should focus on customer trust and market stability.
Bybit, the world’s third-most-visited cryptocurrency exchange, believes the recent market volatility is a wake-up call for the broader cryptocurrency market.
The crypto market has lost about 10% of its value since the beginning of the week.the struggle began after FTX faces selling pressure from the market, binance It then announced that it would acquire a rival exchange.
Commenting on the current market issues, Bybit said the events of the past few days were a wake-up call for the industry and that customer trust and market stability should be top priorities for all exchanges. .
The exchange added that recent uncertainty has put fund safety, custodianship and transparency in the spotlight, and that the industry needs to address this head-on.
Bybit co-founder and CEO Ben Zhou commented:
The entire industry has a duty and an obligation to do a better job for our customers. Bybit has always been a leader in this space, offering the highest level of fund safety and security in the industry, but we want to improve further. can also do.”
Zhou also pointed out that Bybit manages customers’ funds. He said;
Bybit is not a bank, it is the custodian of your funds. We do not use these funds for any other purpose. If requested, we can guarantee full availability without delay.
Bybit hopes that cryptocurrency exchanges will provide greater peace of mind to customers navigating volatile markets. Cryptocurrency exchanges have long advocated an industry-wide standard for transparency. This provides greater trust and confidence in the industry and helps instill confidence in customers and regulators.
Despite its trust and security credentials, the crypto exchange plans to establish a Proof of Reserve program in the near future. Bybit intends this to serve as an example of best practices for other exchanges and symbolize its continued commitment to open and transparent trading.
Zhou concluded:
We are here for the long term and are focused on maintaining focused and rigorous processes, policies, compliance and a comprehensive risk management strategy. We are building our frontline staff and ready to get started quickly when the market changes.
