ByBit CEO: There’s No Existing Framework Regulating BTC Derivatives

ByBit CEO Ben Zhou explained that the crypto market has been interesting to monitor over the past few months, especially for a typical crypto trader. There has been a lot of action around the price of the leading cryptocurrency and everything that has been going on with regulations and crypto security. In today’s crypto news, we take a closer look at his aspect of this year’s market performance.

The ByBit CEO recently claimed that his exchange hit 4 billion USD mark in daily traded volume and they are continuously growing. The exchange also managed to establish itself as one of the best in terms of liquidity exchanges in the derivatives trading market. One of the most exciting topics that Zhou noted was also the matter of existing and upcoming regulations. He stated that it took ‘’about ten years for the market to be completely regulated.’’ In terms of crypto, he stated that as of now, there are not so many frameworks that can regulate Bitcoin derivatives trading. He explained:

 “We are not regulated simply because there isn’t a regulation fit for crypto in Europe at the moment. With that being said, if there is a regulation fit for the business or industry, we will love to apply and get regulated. Clients feel a little bit worried when it’s completely unregulated. I think it would help, at least for exchanges, because it would help them onboard more clients.”

Also, ByBit does not accept US-based clients because the law is not clear in the country. Binance also decided to ban the US-based traders for compliance reasons earlier this year. China, on the other hand, urged the citizens to get heavily involved with blockchain technology and according to Zhou this will have a huge impact on regulations:

 “China is taking a big stance on blockchain and crypto. Although it’s very good news for education, I think China is going to make burdensome regulations. Now they are opening the gates, and I think regulation is, in a way, inevitable.”

The ByBit CEO also spoke a little about the email leakage incidents that happened with BitMEX where thousands of users’ emails were sent out in the  CC field of the mail. Speaking of the matter, he said that it is one of the highest responsibilities of a business to keep the client’s data private:

‘’I think that if any business had an incident of leaking its clients’ private information, it’s a huge deal. And it’s even a bigger deal in crypto because everyone is here because of the anonymity.’’