The Bybit cryptocurrency exchange said that recent market volatility is a wake-up call for the segment and that customer confidence and stability should be a priority. This was reported to Cointelegraph in a statement.
“The entire crypto industry has the duty and obligation to guarantee the safety of its customers. We are leaders in this area and offer one of the highest levels of guarantees and fund protection we see in the market. However, we are always looking for improvementsBybit co-founder and CEO Ben Zhou said in the statement.
Zhou also emphasized Bybit’s position on client funds, reinforcing the custodian role. “We can ensure that all client assets are stored in escrow liquidity, available in full on demand and promptly if requested”, reinforced the executive.
The CEO also reinforced that has always advocated that a standard of transparency across the industry would help in the perception of trust and credibility not only for clients, but also for regulators. It is on the company’s radar to establish a Proof of Reserve program in the near future as an example of improving the practices adopted and reinforcing its continued commitment to open and transparent trading.
“Bybit has always been at the forefront, thinking long term. We are committed to establishing transparent processes, compliance policies, and risk management strategies. As we navigate the market down, we are developing our products and our top-of-the-line team, preparing for a fast start when the market changes.”, he concluded.
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