Bybit CEO Ben Zhou: “Recent events in the crypto market points to some needs"

Bybit, the third most visited cryptocurrency exchange in the world, made a statement emphasizing the importance of gaining the trust of customers and market stability as the number one priority of every exchange. In addition, Bybit stated that the recent uncertainties drew attention to the security, custody and transparency of funds and underlined that it is imperative for the sector to deal with these issues.

Bybit CEO Ben Zhou: “Recent events in the crypto market points to some needs"

Bybit's co-founder and CEO, Ben Zhou, said, "As the entire industry, it is our duty and obligation to do our best for our customers." Continuing his explanation, Zhou said, “Bybit has always been a leader in this field. It offers the highest level of security and reliability in the industry to its customers. We always continue to work to offer our best.” said.Zhou also drew attention to Bybit's approach to customers' funds and continued his explanation as follows: "As you know, Bybit is not a bank. We hold our clients' funds in escrow. We do not use our clients' funds for other purposes. As Bybit, we guarantee that all our clients' assets are held in escrow in the form of one-to-one liquidity, are fully usable and can be offered without delay if requested.”

Bybit also praised the steps taken in the sector to further relieve the users who continue their investments in extremely volatile market conditions. Bybit has long been a leading proponent of the need for transparency to become a standard for the industry as a whole, helping to deliver greater trust and reputation for the industry as a whole, and to gain the trust of customers and regulators.

Despite its extremely clean track record of trust and reliability, the company also said it expects to create a Proof of Reserve program in the near future. It was stated that the program in question will be a great example of application for other exchanges, as well as an indication of the relentless efforts to provide an open and transparent trading environment.Sharing his thoughts on the future, Zhou added: “Nobody should doubt that we will be here for many years to come. In addition to being constantly alert and focused, we attach great importance to continuing to comply with very strict processes, policies and regulations and to make our risk management strategies inclusive. As we continue our way in the bear market, we are constantly improving our products and our frontline personnel, and we are preparing to make a quick start when the markets change direction.”