Bybit Clarifies Position on Exchange Token as Migration Controversy Grows

• Bybit clarifies BIT as BitDAO’s governance token, not an exchange token.
• Mantle proposes MIP-27 to address FTX Group’s $BIT token migration controversy.
• Bybit expands into the Dutch market, opening a new office in Amsterdam.

Bybit has set the record straight on BIT tokens as discussions heat up within the crypto community. In a recent X post, Igneus Terrenus, Bybit’s Head of Communications, stressed that the company has never issued one. He explained that BIT is BitDAO’s governance token, not Bybit’s.

Additionally, the BIT tokens held by Alameda Research are currently unable to migrate to MNT, and a legal process is determining their status.

This situation has sparked debate among Mantle community members regarding the migration of $BIT tokens held by the FTX Group. In response, Mantle Governance proposed a new policy, MIP-27, to clarify the migration terms.

The proposal, building on MIP-22, states that all potentially controversial decisions must undergo community discussion and consultation. Due to the sensitive nature of the matter, Mantle Governance has drafted a proposal for a community vote.

A “Yes” vote would pause the existing on-chain migration smart contract and authorize a new one. This new mechanism would allow for restrictions on the automatic migration of FTX Group’s $BIT tokens until related issues are resolved. The proposal also allows for discretionary approval of migration requests.

Meanwhile, Bybit has shown its commitment to the European crypto market by opening a new office in Amsterdam on August 22, 2024. As the second-largest crypto asset exchange by trading volume globally, Bybit’s expansion into the Dutch market demonstrates its commitment to compliance, innovation, and growth.

The new Amsterdam office also highlights Bybit’s dedication to the local crypto community, offering tailored opportunities and benefits to Dutch users. Since March 2024, Bybit.nl, a localized platform in partnership with SATOS, has been operating, providing Dutch language support and services specifically for the Netherlands’ growing crypto market.