Chapter I General Provisions
Article 1 Objectives. The Bybit Token Management Rules (the “Rules”) are developed in order to promote the sound growth of the blockchain industry, create a healthy digital asset environment, protect the rights and interests of traders, and regulate the management of Tokens.
Article 2 Definitions. Unless otherwise expressly provided, the following terms in these Rules shall have the meanings as specified:
(1) “Bybit” shall refer to the Bybit cryptocurrency platform.
(2) “Project Team” shall refer to any entity responsible for the issuance, development or operation of the Token Projects, i.e., the legal entity, team, natural person or beneficial owner of the Token Project listed on Bybit, or the representative willing to take responsibility for a community-based decentralized Token without a recognized Project Team.
(3) “Token” or “Project” shall refer to the cryptographic digital proof of interest traded on Bybit.
(4) “ST Warning” shall refer to the “Special Treatment Warning''. Trading pairs with ST tags will be deemed to have severe risks to the users.
Chapter II Information Disclosure
Article 3 Information Disclosure Obligations. The Project Teams shall disclose all information that may have a material impact on the Token or the Project Team in a timely and faithful manner, and ensure that all the information disclosed are true, accurate and complete, not deceptive or misleading, and does not omit any material facts or considerations.
Article 4 Forms of Information Disclosure. From the date of publication of the Rules, the Project Team shall make regular and ad-hoc disclosures available on its official website.
The information disclosed shall include, but not be limited to, the progress of code updates, market activities, institutional investment, community development and any other important aspects of information.
Article 5 Ad-Hoc Disclosures. An ad-hoc disclosure refers to the disclosure that shall be made by a Project Team in addition to the regular disclosure in the event of any special incidents occurring. All such incidents shall be disclosed and Bybit shall be notified in writing within 24 hours of such occurrence.
The special incidents herein provided include, but are not limited to, change or loss of contact of core team members, major technical incidents, changes in the direction of product and technical development, major legal risks involving the core team, significant negative news or public opinions, and any other incidents that may have a significant impact on or could reasonably be expected to cause the fluctuations on the price of the Token (including the unlocking and the buyback of a locked Token).
The content of an ad-hoc disclosure shall include, but not be limited to, the reasons for the occurrence, the process, the basic facts, and the results of the incident.
Article 6 Exceptions to Information Disclosure. If the information to be disclosed by the Project Team involves any state secrets or if the disclosure may have conflict with public interests, such information may be withheld with Bybit's consent.
Chapter III Inquiry and Review
Article 7 Inquiries and Responses. Bybit shall have the right to inquire to the Project Team about the Project from time to time. The Project Team shall actively cooperate with and respond to the inquiries within 24 hours.
Article 8 Forms of Inquires. Bybit may make an inquiry to a Project Team by contacting:
(1) The official email address provided by the Project Team,
(2) The phone number provided by the Project Team, or
(3) The instant messaging accounts provided by the Project Team, such as Telegram.
Article 9 Content of Inquires. The content of an inquiry may include, but not be limited to, the fulfillment of the commitments made in the whitepaper or on the official website, the employment and Token holdings of core team members, the progress of the product and technical development, and other factors that may have a significant impact on or could reasonably be expected to cause the fluctuations on the price of the Token (including the unlocking and the buyback of a locked Token).
Article 10 Results of Inquiries. Bybit may at its sole discretion, determine whether a Project Team has violated the Rules based on the factors such as whether the Project Team has cooperated with the inquiries, the level of cooperation, and the content of the responses. Bybit may take relevant actions to deal with the violations in accordance with the procedures set forth in Chapter IV.
The actions may be notified to the Project Team or the users through the means specified in Article 8 or through an announcement.
Article 11 Routine Reviews. Bybit shall have the right to conduct regular or ad-hoc reviews of the Project and the Project Team, for the following circumstances:
(1) Significant aspects of whitepaper commitments;
(2) Security reviews of the code;
(3) Other factors that may have impact on or could reasonably be expected to cause the fluctuations on the price of the Token, such as changes of positions held by the Project Team or other major token holders, and the fulfillment of the commitment to lock the Token;
(4) Changes in core team members, and
(5) Any other aspects considered necessary to be reviewed at Bybit’s discretion.
Article 12 Special Reviews. Bybit may initiate a special review if:
(1) The Project Team is reported by the users or is revealed by the news media to be involved in the circumstances specified in Article 11, and the Project Team has not made any response to such report or revelation, or the response is not sufficient to disprove such involvement of the circumstances specified thereof;
(2) Significant risk is identified in a routine review, or
(3) Any other circumstances that Bybit may deem necessary to initiate a special review at its discretion.
Article 13 On-Site Investigations. Bybit may visit and supervise the Project Team and conduct on-site investigations on a regular or ad-hoc basis according to actual needs.
The Project Team shall actively cooperate with Bybit’s on-site investigation. The content of the investigation may include, but not be limited to, the fulfillment of the commitments made in the whitepaper or on the official website, the employment and Token holding positions of the core team members, the progress of the product and technical development, and any other factors that may have impact on or could reasonably be expected to cause an impact on the fluctuations on the price of the Token (including the unlocking and the buyback of a locked Token).
If the Project Team refuses to, intentionally obstructs or otherwise fails to cooperate with Bybit's investigation, Bybit may decide to take relevant actions against the Project team in accordance with the Rules at its sole discretion.
Article 14 Cooperative Obligations of the Project Team. The Project Team is obliged to actively cooperate with Bybit for routine and special reviews. The Project Team shall also actively respond to or rectify the related issues reported from the users, the inquiries raised from the news media, and the risk notices addressed from relevant regulatory authorities.
Bybit may take relevant actions against the Project Team in accordance with the Rules in the event that the Project Team fails to fulfill the cooperative obligations herein.
Such actions may be notified through the means specified in Article 8 or through an announcement.
Chapter IV Handling of Violations
Article 15 Implementations of ST Warnings. Bybit shall have the right to implement a ST warning on a Token according to the severity of a violation of the Rules and place a “ST” tag on the relevant trading pairs to alert the users of the risk of trading such Token.
15.1 Trigger Events of ST Warnings. The ST warnings will be triggered if any of the following events are identified, present or occur from the Project Team or the Token (the “Trigger Events”):
(1) The Project Team fails to update or disclose information about the Project, including but not limited to, the Project Team’s official website, whitepaper, and ad-hoc disclosure incidents set forth in Article 5;
(2) The average daily trading volume of each trading pair of a Token is less than USDT30,000 or other equivalent Tokens for 30 consecutive days;
(3) The Project has poor liquidity, i.e., the spread exceeds 2% for three consecutive days, fewer than 30 price tiers of orders are placed on either side of the market, the top 10% bid/ask market depth is worth less than USDT10,000 or other equivalent Tokens, or the price of the Project has been found to be manipulated (the price deviates from the market price by 10% or more);
(4) Any considerations as Bybit may, at its discretion, deem it necessary to place a ST tag upon a comprehensive assessment by means of inquiry, routine review, special review, on-site investigation, etc;;
(5) Any other circumstance arises that can be assessed as a serious violation at Bybit’s discretion.
15.2 Lifting of ST Warnings. Bybit shall have the right to lift the ST warning on a case-by-case basis if such Project Team have taken appropriate rectifications and the Project Team or the Token have been reviewed as no longer meeting any of the Trigger Events.,
15.3 Glossary. The following terms in this Chapter shall have the meanings as specified:
(1) Spread exceeds 2%: the spreads are collected and calculated every 10 seconds for a total of 8,640 times a day, and a Token is considered as having a spread exceeding 2% for the day if fewer than 70% of the spreads are below 2%.
(2) Fewer than 30 prices tiers of orders are placed on either side of the market: the price tiers of the order book are collected and calculated every 10 seconds for a total of 8,640 times a day, and a Token is considered as having fewer than 30 price tiers of orders on either side of the market for the day if fewer than 90% of the order books contain more than 30 price tiers of orders. Should this happen for three consecutive days, the ST procedure will be triggered.
(3) Top 10% bid/ask market depth is worth less than USDT10,000 or other equivalent Tokens: the top 10% bid/ask market depth of the order books are collected and calculated every 10 seconds for a total of 8,640 times a day, and a Token is considered as having top 10% bid/ask market depth worth less than USDT10,000 or other equivalent Tokens if fewer than 90% of the top 10% bid/ask orders are worth more than USDT 10,000.
(4) Price manipulation: the Bybit mid-price and the index price from external exchanges are obtained, and the price of a Token is considered as being manipulated if (Bybit Mid-Price - Index Price) / Index Price >= 10%.
Article 16 Trading Concealment, Suspension, and Token De-Listing. Bybit shall have the right to conceal the trading pairs or suspend the trading, according to the severity of the following circumstances:
(1) The ST warning is not lifted within 30 calendar days from the date of its implementation;
(2) The average daily trading volume of each trading pair of the Token is less than USDT30,000 or other equivalent Tokens for 30 consecutive days;
(3) Any core member of the Project Team has been found of significant fraud or deception, including but not limited to, misappropriation of the raised Tokens, unknown whereabouts of the Project development team, cease to support the Project technology, intentionally concealment of material facts of the Project, disclosure or creation of materially fraudulent, false or misleading information;
(4) The dissolution of the project's development team or resignation of core team members without the consent of the community, resulting in the inability to continue development;
(5) The Project has extremely poor liquidity, i.e., the spread exceeds 5% for three consecutive days, fewer than 10 price tiers of orders are placed on either side of the market, the top 10% bid/ask market depth is worth less than USDT5,000 or other equivalent Tokens, or the price of the Project has been found to be manipulated (the price deviates from the market price by 20% or more);
(6) The Project Team is suspected to conduct erratic or suspicious trading activity, including but not limited to so-called “pump and dump” schemes or activities;
(7) The Project Team is involved in significant negative public opinion, inappropriate marketing or communication that may involve pyramid schemes or obviously false marketing;
(8) The Project or the Project Team is associated with illegal activities or activities deemed by Bybit to be objectionable;
(9) The Project or Project Team is not able to comply with applicable laws or regulations;
(10) Any threatened, pending or active legal proceeding or Claim (whether civil, criminal, or administrative, formal or informal, or direct or indirect) against the Project Team;
(11) The Project Team unlocks the Tokens without fulfilling the commitment made in the whitepaper or in other forms;
(12) The Project progresses significantly slower than the development plan in the whitepaper;
(13) Security hazards arise during the switching to the main net of the Project, which has not been appropriately addressed within 30 days;
(14) Security vulnerabilities such as overflow and additional issuance exist in the smart contract codes, which have not been appropriately addressed within 30 days;
(15) Other risks and hazards exist in a Project, such as hacking, coins stealing, concealment of additional issuance, and double spend attack;
(16) The Project Team has caused significant losses to Bybit and users caused by security issues in the main net or the contract, and the Project Team fails to reimburse Bybit for the losses and/or compensating its users for the losses that they suffer;
(17) The Token is a privacy Token, does not support offline signatures, or the node source code is not open source;
(18) The Token or Project Team posed significant regulatory risks, including but not limited to, that the Token constitutes a “security” in a jurisdiction and Bybit is unable to and/or unwilling to prevent its users from that jurisdiction from holding and/or trading the Token; or
(19) Any other circumstances as Bybit may deem appropriate for concealment, suspension or de-listing at its sole discretion.
Once the trading pairs of a Token are concealed, Bybit will suspend the deposit of such Token, but the users will be able to continue to hold a position of the Token. The concealed Token may still appear in the search results, but its trading pairs will not be displayed on the trading page or in the Top Performers list.
The decision to conceal trading pairs is irrevocable. If the Project Team wishes to resume the trading of such Token, it must re-apply for the Token listing in accordance with Bybit's Token listing requirements and procedures. Bybit shall have sole discretion to determine whether the Token listing requirements are met.
Article 17 Liquidation. In the case of the concealment of the trading pair of the Token, Bybit may, at its sole discretion, determine whether it is appropriate to commence the liquidation process for such Token on a case-by-case basis. The liquidation of assets on the platform will be dominated by Bybit. In the case of suspension of the Token trading, the liquidation process shall be initiated from the date of such suspension of trading.
Article 18 Termination of Trading. As soon as the liquidation process is completed, the trading of such liquidated Token will be terminated and the Token will be de-listed.
The termination of trading will be notified to the Project Team or the users through the means specified in Article 8 or through an announcement on Bybit.
Article 19 Liability. The Project Team shall be liable for any losses caused to Bybit, the users or any other third parties resulting from or by reason of any breach of the Rules.
Chapter V Supplementary Provisions
In the event of any discrepancy between the Rules and any other rules or announcements previously published by Bybit, this Rules shall prevail.
In the event of any discrepancy between the English language version of the Rules and any translation of the Rules in a foreign language, the respective English version shall prevail.
Bybit reserves the right to amend the Rules and the right of final interpretation.
The Rules shall take effect from the date of publication.
February 24, 2022
Chapter I General Provisions