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Bybit has made a series of advancements including introducing a financial disclosure mechanism for projects listed on its spot trading platform, a physical card for spending, and escaping a French blacklist.
Under Bybit's new disclosure mechanism, projects must disclose key financial performance metrics, treasury management details, tokenomics, and operational data.
This move makes Bybit one of the first major cryptocurrency exchanges to mandate transparency in token listings.
SoSoValue (SOSO) is the first project to undergo Bybit's financial disclosure trial. According to the project's financial report, its revenue surged by 629.18%, increasing from $37,440 before listing on Bybit to $273,307 after. SoSoValue’s marketing and community expenses dropped by 73.02% to $60,220. Daily active users rose by 35.27% to 1.28 million. The project’s total value locked (TVL) saw a dramatic 1076.32% increase, climbing from $16.22 million to $180.8 million.
Bybit’s new financial disclosure initiative aims to enhance transparency in the crypto market, allowing traders and investors to make informed decisions based on real-time financial insights, and addressing accountability concerns.
With Bybit setting such a precedent, other exchanges might be incentivised to adopt similar transparency measures.
Bybit is also enhancing its trading ecosystem with the launch of Retail Price Improvement (RPI) orders. This new order type is designed to increase liquidity and improve pricing for retail traders. The RPI order, set to launch on February 20, 2025, will function as a post-only order, ensuring that it adds liquidity while being executed with lower priority than standard orders at the same price level.
Over in France, the exchange has achieved a regulatory milestone by being removed from France’s Autorité des Marchés Financiers (AMF) blacklist. Bybit faced regulatory scrutiny for more than two years, with French authorities warning investors about its operations.
In December, Bybit announced its decision to terminate withdrawal and custody services for users in France, effective January 8, 2025.
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Bybit CEO Ben Zhou has now taken to X to reveal that these woes are now behind them, stating, “After more than two years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist.”
After more than 2 years of working with the French regulator through multiple remediation efforts, BYBIT is now officially removed from France AMF blacklist. MiCA license next. pic.twitter.com/irPf5bOSBp
— Ben Zhou (@benbybit) February 14, 2025
Bybit now aims to secure a Markets in Crypto-Assets (MiCA) license, which would allow it to operate legally across the 30 European Economic Area nations.
Meanwhile, Bybit has also expanded into crypto-friendly spending with the launch of the Bybit Physical Card. Issued by Bybit Limited in partnership with S1LKPAY and regulated by the Astana Financial Services Authority (AFSA), the card allows users to spend cryptocurrency globally wherever Mastercard is accepted, simplifying international transactions and offering several key benefits.
VIP users receive free card issuance and delivery, while non-VIPs can obtain the card for $29.99, with a five-day delivery period. There are no annual or monthly fees, making it a cost-effective option for crypto holders.
Cardholders earn 2% cashback in USDT or AVAX on eligible purchases, with additional incentives such as a 10% cashback promotion capped at $300 for new users. The card integrates with Samsung Pay and Google Pay, further enhancing usability.
Crypto cards are becoming increasingly popular products in the industry. Just last week, RedotPay announced that it formed a strategic collaboration with Visa and StraitsX to launch a crypto credit card in Singapore.
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By leveraging RedotPay’s advanced technology and Visa’s extensive global payment network, the partnership aims to bridge the gap between digital assets and traditional financial systems.
