Bybit and Bitget CEOs Refute Claims of Encouraging Student Trading; Sparks Ethical Debate
The CEOs of Bybit and Bitget have refuted allegations that their campus ambassador programs encouraged students to engage in contract trading. These allegations were raised by Blockbeats, which expressed concerns about crypto platforms possibly enticing students with bonuses, thus promoting risky behaviors similar to China’s previous ’naked loan’ scandal. Bybit CEO Ben Zhou challenged the accusers to provide evidence, while Bitget emphasized that their programs focus on education, not trading promotions. This situation has led to a broader discussion on ethical marketing within the crypto industry, particularly regarding young and inexperienced investors. The controversy highlights ongoing regulatory concerns about how crypto exchanges market to a younger demographic and the potential risks involved.
Neutral
The news about Bybit and Bitget refuting allegations related to student promotion is unlikely to cause significant price movements or impact market trends. Both exchanges have taken a defensive stance, challenging the validity of the claims, and have emphasized their focus on education over trading promotion. The situation reflects concerns over ethical marketing, but the denials and lack of evidence mean the immediate impact on trading activity is neutral. In the long term, however, the ongoing discussion might influence regulatory strategies that could shape future marketing practices within the crypto sector.