Bybit
Hong Kong Financial Regulator Adds Crypto Exchange Giant Bybit to List of ‘Suspicious’ Virtual Asset Platforms
The Securities and Futures Commission (SFC) of Hong Kong is adding crypto exchange Bybit to its list of suspicious virtual trading platforms. In a new statement, the financial regulator warns investors that Bybit is an unlicensed virtual asset trading platform (VATP). “The SFC cautions investors against investing with unlicensed entities. Investors may risk losing their […]
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Over $700,000,000 in Bitcoin, Ethereum and Other Crypto Assets Liquidated in 24 Hours As BTC Falls Below $69,000
Hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH) and other crypto assets have been liquidated during the last 24 hours as BTC plunges back below its previous all-time high. New data from market intelligence platform Coinglass reveals that during the last day, $260 million worth of Bitcoin was liquidated, the overwhelming majority […]
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Bybit flagged by Hong Kong regulator as suspicious crypto platform
Dogecoin (DOGE) Futures Reach Record-Setting Open Interest at $1,000,000,000
New data reveals meme asset Dogecoin (DOGE) futures have reached a record-setting $1 billion worth of open interest. According to market intelligence platform Coinglass, the dog-themed memecoin has hit an all-time high of $1 billion worth of open interest, or the total number of outstanding derivatives contracts for a given asset. The data unveils that […]
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Crypto.com, Bybit and Other Centralized Exchanges See Trading Volume Skyrocket in December: Report
New data reveals that prominent centralized exchange (CEX) platforms, including Crypto.com and Bybit, saw their trading volumes surge in December. According to blockchain reporter Colin Wu, in December, the overall spot trading volume of centralized crypto exchanges rose 27.4% month-on-month despite some of them seeing notable dips. “In December, the spot trading volume of major […]
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Coinbase market share grows outside US trading hours amid Binance saga: Report
According to Kaiko Research, Bybit experienced a rise in market share around the clock, whereas Coinbase witnessed significant growth outside of the United States trading hours.
Following cryptocurrency exchange Binance reaching a substantial multi-billion-dollar settlement with United States regulators last week, an on-chain data analytics firm reported a surge in Coinbase's market share.
On November 21, Binance and the United States Department of Justice (DoJ) reached a settlement of $4.3 billion, settling allegations related to anti-money laundering.
However, the legal challenges have led to other crypto exchanges seeing an increase in market share, according to research firm Kaiko Research.
The firm recently published a report that indicates that Coinbase has seen an uptick in its trading volume, during the European trading day, outside the regular United States trading hours:
“Coinbase’s share grew the most outside of U.S. trading hours (14-22 UTC), instead surging in the middle of the trading day in Europe and the beginning of the trading day in eastern Asia.”
Meanwhile, Bybit is reportedly seeing significant changes across the entire day.
“Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours," the report stated.
Coinbase and Bybit Grab Market Share After Binance’s Settlement With the US Government: Analytics Firm Kaiko
Legal troubles faced by Binance, the largest crypto exchange in the world, have allowed other exchanges to grow their market share, new data reports. Following Binance’s $4 billion settlement with the US government and its former CEO’s admission of violating anti-money laundering (AML) laws, Coinbase and Bybit have gained ground in the crypto trading industry, […]
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Bybit will suspend services in UK following financial regulator’s ‘final warning’
Headquartered in Dubai, crypto exchange Bybit said it will suspend services to residents of the United Kingdom starting in October due to "regulatory changes".
Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will be followed by the suspension of new deposits, new contracts, and changes to positions for existing users on Oct. 8.
“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses [...] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” said the firm.
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
— Bybit (@Bybit_Official) September 22, 2023
Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV
Bybit’s date to wind down its services will fall on the FCA’s deadline for crypto asset firms marketing to users in the U.K. to be in compliance with certain rules aimed at providing “clear, fair and not misleading” marketing regimes. The FCA first announced the rules in June and issued an additional warning on Sept. 21, reminding firms of the Oct. 8 deadline and the risk of criminal charges.
Related: UK considers blanket ban on crypto investment cold calls
According to Bybit, the suspension of services “will allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future”. The FCA suggested that certain firms could have until January 2024 to be in compliance with the marketing rules, but would need prior approval from the regulator.
Bybit announced a similar winding down of services in Canada in May, citing “recent regulatory development” at the time. However, the firm has expanded into new markets including Kazakhstan, where it received in-principle approval to operate as a crypto custody service provider in May.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
Bybit debuts AI-powered ‘TradeGPT’ for market analysis and data driven Q&A
Cryptocurrency exchange Bybit has released a free AI-powered trading assistant delivering insights from the platform’s market data.
Dubai-based cryptocurrency exchange Bybit has developed a language based trading tool that uses AI to generate trading insights and answer technical questions from its market data.
TradeGPT is being touted as an AI-powered education tool that taps into the generative ability of ChatGPT’s large language model and Bybit’s inhouse ToolsGPT to provide real-time market analysis and answers to user questions in a variety of languages.
An announcement shared with Cointelegraph highlighted TradeGPT’s ability to offer market strategies and products for strategies being discussed with a user.
Bybit had previously launched ToolsGPT in June 2023. The platform also integrates ChatGPT’s machine learning and AI capabilities with Bybit market data to conduct technical analysis, funding analysis and model predictions.
Related: Bybit’s MVP license in Dubai ‘very restricted,’ CEO says
Bybit is not the only cryptocurrency exchange to have explored using ChatGPT to give users unique insights into token prices, market movements and projects.
Crypto.com launched its own ChatGPT-powered user assistant in May 2023, dubbed Amy. Binance also integrated OpenAI’s chatbot into its Binance Academy platform to generate responses from its database of articles and information on the broader Web3 ecosystem.
OKX is another exchange exploring AI’s potential after integrating EndoTech’s AI tools to analyze market volatility and trading opportunities. Solana Labs also launched a ChatGPT-powered plugin allowing the large language model to check wallet balances, transfer Solana-native tokens and trade nonfungible tokens.
The launch of these AI tools come off the back of Bybit offering lending services to its users, offering interest payouts for deposited cryptocurrencies on the exchange. Bybit is one of a number of exchanges offering the service as Cointelegraph previously reported.
AI is proving to be a catalyst for innovation across a number of sectors. Animoca Brands subsidiary TinyTap is an example of a platform that uses AI to generate educational games and nonfungible tokens (NFTs) based on user prompts.
Meanwhile NASDAQ-listed Iris Energy announced that it had invested $10 million to purchase 248 of Nvidia’s H100 Tensor Core GPUs to explore generative AI opportunities at its data center sites.
The chip and hardware manufacturer posted unprecedented Q2 results in 2023 off the back of an explosion in interest in AI-powered tools like ChatGPT.