Crypto exchange Bybit has denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media user with over 100,000 followers. On April 14, X user “silverfang88” accused the exchange of demanding millions from projects in listing fees. The user also alleged that Bybit used key opinion leaders (KOLs) to silence students who were given trial contracts through the platform’s Campus Ambassador program. Bybit CEO Ben Zhou denied the allegations, asking the social media user to provide evidence backing the claims. Zhou added that the crypto space has been chaotic because of rumors posted without evidence. Source: Ben Zhou Bybit denies $1.4-million listing fee accusation In a statement sent to Cointelegraph, a Bybit representative clarified the requirements for listing on the crypto exchange. According to Bybit, the exchange requires three things from projects: a promotion budget, a security deposit and an evaluation process. “Projects are expected to allocate promotional funds for user engagement activities, though legal constraints prevent exchanges from holding tokens directly,” the representative told Cointelegraph. Bybit said it asks for a deposit of $200,000–$300,000 in stablecoins to ensure promotional goals are met. Penalties may apply if the targets are not reached. Apart from the promotional funds, the exchange said its listing process includes form submissions, internal voting, research and a listing review meeting. The representative told Cointelegraph: “Evaluations focus on fundamentals and risk controls, including onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms and team credentials.” Related: Bybit integrates Avalon through CeFi to DeFi bridge for Bitcoin yield User claims Bybit provided trial contracts to students In addition to the listing fee allegations, the X user claimed that Bybit had provided trial contracts to students under its 2024 Campus Ambassador program and used KOLs to suppress complaints. The account shared a Campus Ambassador program run by the trading platform in 2024 and said the issue was related to the program. Zhou responded to those claims as well, again calling for proof. “Please show evidence if Bybit has done anything wrong,” he wrote on X. The exchange has not responded directly to the specific claims related to its ambassador program at the time of publication. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
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