Bybit, the cryptocurrency exchange, has made its liquidation data publicly accessible through an updated API (Application Programming Interface). The exchange is trying to improve transparency by providing traders with real-time data.
Previously, Bybit’s API allowed only one liquidation update per second per trading pair. With the new update, the exchange now refreshes data every 500 milliseconds, giving a more accurate view of market activity.
Bybit’s CEO Ben Zhou acknowledged that the previous system had underreported liquidation figures. He said this made it difficult for traders to see the full picture of the market.
Crypto Market Hit by $10 Billion Liquidation Wave, Ben Zhou Challenges Reported Figures
The crypto market suffered a major liquidation event in early February, as concerns about a global trade war shook investor confidence. According to CoinGlass, more than $2.24 billion was liquidated across 730,000 traders.
Bybit’s share of the liquidations was around $333 million. However, Bybit’s CEO disputed these numbers, claiming that Bybit alone recorded $2.1 billion in liquidations within 24 hours. He suggested that the total industry-wide liquidations were closer to $10 billion, significantly higher than reported.
“The real spirit of crypto is transparency,” Zhou said in a statement. “By making all liquidation data fully public, we are responding to the crypto community’s demand for openness.”
Bybit Rejects Pi Network Token Despite Community Demand
While the exchange has made efforts to increase transparency, it has also faced criticism for refusing to list the Pi Network token. The Pi Network community was frustrated with Bybit’s decision, especially since rival exchanges OKX and Bitget had already listed the token.
Ben Zhou explained that it rejected Pi Network due to a warning from Chinese authorities, which labeled the project as a scam.
The Pi token, which users have been mining for years, officially launched its open mainnet on February 20. Many early adopters are now looking for ways to sell their holdings, but Bybit’s refusal to list the token has limited their options.
Bybit is Trying to Expand Globally, But Faces Regulatory Challenges
Bybit, originally launched as a derivatives exchange in Singapore, relocated its headquarters to Dubai in 2022 and has since expanded into spot trading.
On Feb. 21, the exchange recorded the second-highest trading volume among all crypto exchanges. However, despite its success, the platform continues to face regulatory challenges in multiple countries.
In Malaysia and India, the exchange was forced to halt its operations due to increasing regulatory pressure. Authorities in these regions have imposed strict rules on crypto exchanges, making it difficult for companies like Bybit to continue operating.
In France, the exchange recently experienced a breakthrough. It had been blacklisted by French regulators since May 2022 for noncompliance, but it was recently removed from the blacklist. This change has allowed Bybit to regain a foothold in the French market.
