DUBAI, UAE, May 21, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by trading volume, today celebrates a monumental milestone: surpassing 30 million registered users globally. This remarkable achievement comes alongside a period of exceptional growth, solidifying Bybit as a frontrunner in the blockchain industry.

Market Share Soars, User Trust Flourishes

Bybit’s market share in spot trading has skyrocketed from 2% in 2023 to a staggering 9.3% in 2024, a nearly 400% surge according to the latest Kaiko Research quarterly report. This significant leap from the previous year’s 7.3% firmly establishes Bybit as a leader in cryptocurrency exchange.

Bybit attributes this growth to its unwavering commitment to user security and trust. The company prioritizes asset safety through the regular publication of proof-of-reserve audits, ensuring transparency and accountability with user funds. Additionally, Bybit boasts an impeccable security record, with no major breakdowns or hacking incidents since its inception in 2018.

This dedication to security and transparency is further validated by industry recognition. Bybit has received a perfect 10/10 Trust Score from CoinGecko and an ‘AA’ rating in the recent CCData Crypto Exchange Benchmark Report.

“Reaching 30 million registered users is a humbling achievement, and it wouldn’t be possible without the unwavering support of our vibrant global crypto community,” said Ben Zhou, Co-founder and CEO of Bybit. “We are incredibly grateful for their trust and remain committed to providing best-in-class, reliable services tailored to local needs. Bybit actively collaborates with regulators worldwide to ensure compliance and responsible innovation.”

Looking Forward: Bridging the Gap to Web3

Bybit has consistently been at the forefront of Web3 innovation, reshaping how users interact with the blockchain ecosystem through user-centric and engaging platforms. In 2024, we have expanded our suite of offerings with breakthrough solutions like the Airdrop Arcade, NFT Pro, and Inscription Marketplaces.

These platforms are meticulously designed not only to lower entry barriers and simplify the user experience but also to enrich it by curating opportunities to invest in and support a diverse range of promising, trending, and blue-chip tokens and projects. Our most recent Solana Fiesta and Bitcoin economy livestream introduced many Web3-curious individuals to the fast-growing ecosystems and their opportunities.

This curation consistently ensures that our users have access to the most rewarding and reliable opportunities in the Web3 space, making participation not only easier but also more enjoyable through gamification and advanced data intelligence. This commitment extends to the upcoming launch of Bybit Web3 DEX Pro, a cutting-edge decentralized exchange platform powered by revolutionary i-SMART data intelligence technology. This represents Bybit’s commitment to innovation that empowers, providing tools that not only meet but exceed the needs of modern traders and investors.

“Today’s milestone signifies more than just numbers; it’s a testament to our ongoing dedication to revolutionizing the crypto landscape,” emphasized Zhou. “Bybit remains committed to shaping the future of crypto. We will continue to uphold the values of listening, caring, and improving, to serve our 30 million users with the most professional products. Protecting the interests of our clients will be ingrained in all product designs. We envision a world where Web3 empowers every individual, where financial inclusivity is not just a goal but a reality.”

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with over 30 million users. Established in 2018, Bybit offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

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A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.

According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”

Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.

Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.

Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.

The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.

However, Nurieva is the first Finiko executive to be convicted and sentenced.

Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.

The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.

During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.

Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.

Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.

Source: cryptonews.com

The post Russian Court Jails Finiko Crypto Scam Exec for Three Years appeared first on HIPTHER Alerts.

Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.

Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.

On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.

Source: dailycoin.com

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