Bybit has upgraded its API to provide real-time liquidation data, improving market transparency. Meanwhile, the exchange faces regulatory challenges and controversy over refusing to list Pi Network’s token.
Exchange for cryptocurrencies To make things clearer for crypto buyers, Bybit has made its liquidation data public through its application programming interface (API).
Before, Bybit’s API only let one message per symbol per second of liquidation info pass through. Since the most recent update, new information is sent every 500 milliseconds.
In a news release, Bybit CEO Ben Zhou said that past API restrictions caused liquidation numbers to be underreported, which didn’t represent how the market really was.
Early in February, there was a sell-off in the cryptocurrency market because of worries about a possible global trade war. CoinGlass says that over $2.24 billion was sold across 730,000 traders, with $333 million coming from Bybit.
Zhou didn’t agree with this number. He said that Bybit alone had $2.1 billion in 24-hour liquidations and that the total for the whole market was probably closer to $10 billion.
Bybit has responded to calls from the community, but it has also refused to list some tokens, even though people want them to be listed.
People who support Pi Network were angry that the exchange wouldn’t list its coin, even though competitors OKX and Bitget did. Bybit pointed to a tip from the Chinese police that Pi was a scam.
The token had been “mined” by Pi Network users for years before the project’s open mainnet start on February 20. As prices have dropped, people in the community have looked for exchanges to get rid of their assets, but there aren’t many choices right now.
Rules that Govern Bybit are Changing
Bybit started out in Singapore as a derivatives exchange. When it added spot trading in 2022, it moved its base to Dubai. It was the second most traded cryptocurrency in the world on February 21.
Even though Bybit does business all over the world, it still has to deal with legal problems. It stopped doing business in Malaysia and India not long ago because of problems with compliance.
In France, on the other hand, the exchange was taken off the ban by the country’s regulator after almost two years. After that, Bybit said it was going to apply for a license under the European Union’s Markets in Crypto-Assets Regulation.
