DUBAI, UAE, Oct. 8, 2024
/PRNewswire/ -- Ben Zhou, co-founder
and CEO of Bybit, shared his candid views on crypto
compliance, sensible AI deployments, and new growth drivers at
TOKEN2049. Sharing the main stage with panelists from other leading
exchanges, Ben addressed the growing pains of mainstreaming
exchanges, and how they are adapting to meet increasing regulatory
requirements at the annual premier crypto event,
attended by over 30,000 participants and amplifying leading voices
in the blockchain and crypto economy.
Advance Compliance: A Necessary Luxury
"Compliance is not cheap, but the penalties are more expensive.
And it comes with not just monetary but also other consequences,"
Ben Zhou, co-founder and CEO of
Bybit remarked.
Steering the world's second-largest cryptocurrency
exchange by trading volume, Ben Zhou
admitted Bybit was on the same learning curve as other major
exchanges.
"We are not the first ones, and we have the opportunities to
learn and adapt the business," he said about the rapid changes in
the compliance landscape, acknowledging that all exchanges
including Bybit are ramping up their compliance efforts.
Only a year ago, exchanges used to place an amount limit on
compliance checks; but Bybit has been taking a prudent approach of
standardizing compliance and safety checks on practically
transaction of any amount, after witnessing "what had happened in
the industry," he disclosed.
Compliance overhead has increased accordingly. "The operations
are getting a lot heavier with a lot more manpower," he said,
adding that third-party tools such as Chainalysis have been useful
in improving due diligence and KYC, adding costs but also
efficiency.
At the time of writing, a team of over 50 risk experts operate
Bybit's AI-enhanced risk engine alongside a growing legal and
compliance function comprising compliance officers of various
specialities and in-house counsel.
Ben also took pride in crypto's contribution to
improving compliance practices and raised the bar to make it harder
for rogue actors to bypass sanctions. "In our industry, we have
revolutionized how compliance has been done. For instance, someone
trying to access our platform from a sanctioned address would be
identified within minutes and the address would be blocked. The
industry is revolutionizing the old ways of doing things in
compliance," he said.
Incorporating AI Tools and Finding Growth
Bybit takes a "slightly different approach" to AI and recognizes
the gap between the native interfaces and users' demands.
"We don't like to use APIs because retail users don't understand
them. Instead, we think about the user experience when they
interact with exchanges: we use AI to make it a little easier with
automation," he explains.
In the fast-moving world of crypto, users seek not
Wikipedia-style explanations of a newly listed token, but hard data
and community feedback. Bybit uses AI as a co-pilot to produce a
timely summary to break down data points and guide users doing
their research to analysis, project background, and social noise.
"Basically we look at which part of the process is mundane, and try
to streamline it," he said of the way Bybit deploys AI.
Ben also revealed the geography of growth as crypto
continues to serve as a driver for financial inclusion. He
commented on the fast-growing TON ecosystem and play-to-earn games,
drawing in diverse user groups from Africa, India
to parts of Eastern Europe,
mapping out a new trend of onboarding users from emerging
economies.
Crypto offers an engaging way to empower these
communities, he said, where traditional financial infrastructure
may fall short for retail users.
Themed "Exchanges at the Helm: Driving Crypto from
Niche to Mainstream", the panel was moderated by Michael Casey, Chairman of the
Decentralized AI Society featuring prominent speakers
including Ben Zhou at Bybit,
Gracy Chen at Bitget, Vivien Lin at BingX, Sonia Shaw at Coin W and Alicia Kao at KuCoin.
#Bybit / #TheCryptoArk / #TOKEN2049
About Bybit
Bybit is one of the world's top three crypto
exchanges by trading volume with 50 million users. Established in
2018, it 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.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social
Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram |
TikTok | X | Youtube
View original content to download
multimedia:https://www.prnewswire.com/news-releases/trends-in-focus-ben-zhou-highlights-compliance-growth-and-ai-in-crypto-302269753.html
SOURCE Bybit