A major cryptocurrency exchange has refuted allegations that it demands a fee of $1.4 million to list tokens on its platform, which were made by a prominent social media user with over 100,000 followers.
On April 14, a user on X, known as “silverfang88,” accused the exchange of requiring millions from projects in listing fees. The user went on to claim that the exchange utilized influential figures to suppress complaints from students who received trial contracts through its Campus Ambassador program.
In response, the CEO of the exchange, Ben Zhou, challenged these allegations, asking the user to provide evidence for their claims. Zhou expressed concern over the chaotic state of the cryptocurrency industry, attributing it to unverified rumors circulating online.
Source: Ben Zhou
Exchange refutes claims of $1.4 million listing fee
A representative from the exchange provided clarification on the criteria for listing tokens on the platform.
The exchange outlined that it requires three main components from projects: a budget for promotion, a security deposit, and a comprehensive evaluation process.
“Projects are expected to set aside promotional funds for user engagement activities, although legal restrictions prevent exchanges from directly holding tokens,” the representative explained.
The exchange stated it requires a deposit ranging from $200,000 to $300,000 in stablecoins to ensure that promotional objectives are achieved, with penalties in place for unmet targets.
In addition to the promotional funds, the listing process involves submission forms, internal voting, research, and a review meeting. The representative detailed that:
“Evaluations prioritize fundamentals and risk management, taking into account on-chain data, address authenticity, use cases, user distribution, project values, token valuation, value capture mechanisms, and team qualifications.”
User alleges that exchange provided trial contracts to students
Beyond the listing fee allegations, the user claimed the exchange offered trial contracts to students as part of its 2024 Campus Ambassador program, while also suppressing complaints by using key opinion leaders.
The user referenced a Campus Ambassador initiative launched by the trading platform in 2024, suggesting that the claims were related to this program.
Zhou responded to these allegations as well, reiterating his request for proof. “If Bybit has engaged in any wrongdoing, please provide evidence,” he stated on X.
As of now, the exchange has not issued a direct response to the specific accusations regarding the ambassador program.