Bybit CEO Denies Claims of $1.4M Listing Fees.
On April 14, allegations surfaced on X (formerly Twitter) from user @silverfang88, accusing Bybit of targeting students with trial trading contracts and charging $1.4 million in listing fees per project. The user claimed that Bybit had approached schools to promote its platform by offering students trial contracts, then invited influencers to Bali to suppress complaints. The post further alleged that Bybit charged exorbitant listing fees for tokens.
Ben Zhou, CEO of Bybit, swiftly responded, questioning the legitimacy of the claims. He demanded evidence, asking, “Which school allows students to trade contracts? Show the evidence. Which legal department reported the competitor? Where is the evidence?” He dismissed the accusations as baseless, criticizing the spread of unfounded rumors in the crypto space, which he described as chaotic due to such misinformation.
Bybit clarified that it does not charge a $1.4 million listing fee. The exchange outlined its listing process, explaining that projects are required to provide a promotion budget and a security deposit between $200,000 and $300,000 in stablecoins. This deposit is intended to ensure that the promotional goals are met, with penalties for non-compliance. Additionally, Bybit conducts an evaluation process that includes assessments of project fundamentals, token valuation, team credentials, and other factors.
Regarding the accusations related to the Campus Ambassador program, Bybit has not directly addressed the specific claims of offering trial contracts to students. Zhou repeated his challenge for proof but did not elaborate on the details of the program in question.
Meanwhile, Bitget, another major exchange, responded to the controversy by distancing itself from similar practices. Xie Jiayin, Bitget’s China lead, stated that Bitget’s Campus Ambassador program does not involve offering contract experience bonuses to students. The program, according to Jiayin, is designed to promote blockchain technology and Web3 knowledge, and provide internship opportunities for college students.
Bitget also ceased promoting contract rebates to students after realizing that these campaigns were being misinterpreted as direct contract incentives. Jiayin emphasized that Bitget has rejected all applications for such promotions and is focused on helping students find career opportunities in the blockchain industry. He also noted that Bitget has helped 28 students secure jobs at the platform.
Jiayin encouraged oversight of the program and offered a reward of up to 1,000 USDT for verified reports of misconduct. He also urged media outlets to be more specific when discussing “major trading platforms,” as vague language can mislead the public.
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