- Bybit launches financial disclosure for spot projects, starting with SoSoValue’s 629% revenue growth and 35% daily user increase.
- Bybit expands globally, registering with India’s FIU and removing its name from France’s AMF blacklist for broader European operations.
Bybit, one of the world’s biggest cryptocurrency exchanges, has announced the launch of a financial and operational disclosure system for projects listed on its spot platform. With this action, Bybit leads the way in the attempt to advance crypto sector openness.
SoSoValue (SOSO), which claimed a 35% increase in daily active users and a 629% income rise following listing, was the first project to participate in the pilot.
The new policy is meant to give users a more in-depth understanding. These days, they can evaluate the chances of a project depending on actual financial performance in addition to future possibility. Bybit has also started the “Listing Billboard,” a venue whereby listed projects may post consistent financial reporting. This is supposed to enable investors to make wiser judgments.
Bybit Physical Card: Linking Real-World Experience with Blockchain
Still, transparency is not the only thing Bybit has lately been emphasizing. The company lately also unveiled the Bybit Physical Card. Users of this real card may spend their crypto assets at Mastercard-accepting stores. The existence of this card enhances the already accessible virtual cards and gives consumers greater freedom in daily transaction making.
Imagine a customer paying for their morning coffee using Bitcoin or other crypto assets instead of first worrying about trading them to fiat money.
Global Expansion: India and France Are the Main Focus
Bybit, on the other hand, likewise displays sincerity in increasing its worldwide presence. CNF had reported the exchange finished registering using India’s Financial Intelligence Unit (FIU). This phase of Bybit’s attempts to start trading once again in India follows a halt in activities due to legal restrictions.
They are now awaiting complete clearance so they may start their operations in the nation with great potential for cryptocurrency.
The exchange’s international journey does not stop in India. Following over two years of negotiations with French authorities, Bybit’s name was ultimately taken off the Autorité des Marchés Financiers (AMF) blacklist.
The next step, according to Bybit CEO Ben Zhou, is getting a MiCA license, which lets them run in 30 European Economic Area nations. “This is a significant moment for us,” Zhou added, stressing Bybit’s dedication to following rules in different countries.
New Strategy: Contract Migration to USDT
Apart from the above developments, Bybit is also getting ready with a strategic update to its trading platform. The corporation will move its options and futures contracts from USDC to USDT starting February 26, 2025. This move seeks to boost liquidity and facilitate user transaction convenience.
Using USDT, which has more trading volume in the global market, could help traders have a better and quicker experience.
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