The Times Australia
News From Asia

.

Bybit CEO Lays Out His Transparency Roadmap

Ben Zhou speaks out about transparency, and why a blockchain-based world is inevitable

DUBAI, UNITED ARAB EMIRATES - Media OutReach - 18 November 2022 - Ben Zhou, co-founder and CEO of Bybit, the world’s third most visited crypto exchange, has called on the industry to step up together and help reassure nervous customers and governments that crypto is a valuable contributor to the financial system and has a central part to play in the future of financial services.

Zhou made his remarks after laying out a comprehensive framework designed to re-establish trust and commit to comprehensive, industry-wide transparency. Zhou also looked to manage expectations by highlighting that a robust, comprehensive, proof-of-reserves program would need time to develop and could not be created, installed, and implemented overnight.

“Bybit is committed to an industry-wide, fully transparent proof-of-reserves (PoR) solution that demonstrates without a doubt that we hold our client's funds in custody, and are worthy of their full trust — and that is what we are working on,” said Zhou.

Zhou highlighted the complexity of crypto businesses in terms of scale, scope, and reach, noting that it will take some months for Bybit to complete and provide a comprehensive and true picture of its accounts that is acceptable to every stakeholder and helps re-establish trust — rather than patchy information that could ultimately confuse.

He believed that exchanges must be proactive in creating a new type of transparency, one that improves on those used by traditional financial institutions, which still remain opaque and backward.

The proper way to achieve this is to take a snapshot of all the clients' UID and balance; package that so it fits into a Merkle tree; send the tree to an independent auditor, and then work with them to verify the numbers. The final step: provide our wallet address and test it to show the auditor that we own the address.

He said Bybit is now engaged in developing this fully transparent solution to show its reserves in real-time using an independently-audited Merkle tree. Bybit is also engaging a reputable auditor to prove its reserves and audit the company’s books and operations.

Zhou reiterated, “To us, proof-of-reserves is a fully transparent solution that proves our clients’ funds are in custody — that is what we are working on.”

This has been a difficult time for many in the industry — customers and many players have been betrayed and deceived by the magnitude of recent events.

He reassured clients that Bybit’s mission, as the Crypto Ark, is to provide true value and live up to customer trust and confidence. Bybit has always been a supporter of affordable and accessible financial access for all.

Zhou also struck a defiant tone. “The crypto community is stronger than one rogue actor and provides many benefits over traditional financial markets. We are at the forefront of financial innovation, and with the continued support of our customers, we will continue to be so.

Hashtag: #Bybit #TheCryptoArk

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit:

For updates, please follow Bybit's social media platforms on









Times Magazine

Building an AI-First Culture in Your Company

AI isn't just something to think about anymore - it's becoming part of how we live and work, whether we like it or not. At the office, it definitely helps us move faster. But here's the thing: just using tools like ChatGPT or plugging AI into your wo...

Data Management Isn't Just About Tech—Here’s Why It’s a Human Problem Too

Photo by Kevin Kuby Manuel O. Diaz Jr.We live in a world drowning in data. Every click, swipe, medical scan, and financial transaction generates information, so much that managing it all has become one of the biggest challenges of our digital age. Bu...

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

The Times Features

Flipping vs. Holding: Which Investment Strategy Is Right for You?

Are you wondering whether flipping a property or holding onto it is the better investment strategy? The answer isn’t one-size-fits-all. Both strategies have distinct advantages a...

Why Everyone's Talking About Sea Moss - And Should You Try It Too?

Sea moss - a humble marine plant that’s been used for centuries - is making a major comeback in modern wellness circles. And it’s not just a trend. With growing interest from athle...

A Guide to Smarter Real Estate Accounting: What You Might Be Overlooking

Real estate accounting can be a complex terrain, even for experienced investors and property managers. From tracking rental income to managing property expenses, the financial in...

What Is the Dreamtime? Understanding Aboriginal Creation Stories Through Art

Aboriginal culture is built on the deep and important meaning of Dreamtime, which links beliefs and history with the elements that make life. It’s not just myths; the Dreamtime i...

How Short-Term Lenders Offer Long-Lasting Benefits in Australia

In the world of personal and business finance, short-term lenders are often viewed as temporary fixes—quick solutions for urgent cash needs. However, in Australia, short-term len...

Why School Breaks Are the Perfect Time to Build Real Game Skills

School holidays provide uninterrupted time to focus on individual skill development Players often return sharper and more confident after structured break-time training Holid...