Cryptocurrency exchange Bybit made its liquidation data publicly accessible through its application programming interface (API) to expand the flow of information for crypto traders.
Previously, Bybit’s API restricted liquidation data to one message per symbol per second. With the latest upgrade, data is now delivered every 500 milliseconds.
Bybit CEO Ben Zhou acknowledged in a news release that previous API limitations led to underreported liquidation figures, failing to capture the full scale of market activity.
In early February, the cryptocurrency market faced a liquidation crisis amid growing concerns of a potential global trade war, with over $2.24 billion liquidated across 730,000 traders, according to CoinGlass. The liquidation data provider attributed about $333 million in liquidations to Bybit.
Zhou claimed that these figures were seriously underestimated, saying that Bybit alone recorded $2.1 billion in liquidations within 24 hours. He estimated that the industry’s total liquidation value at the time was closer to $10 billion.
Source: Ben Zhou
“The real spirit of crypto is transparency,” Zhou said in the release. “By making all liquidation data fully public, we are taking a proactive approach in response to the crypto community’s demand for openness.”
Not all public demands fly by Bybit
Bybit has recently taken a proactive approach toward public requests but also declined to list a trending token despite community demand.
The exchange drew criticism from the Pi Network community after refusing to list its token, while rival exchanges OKX and Bitget approved it. Bybit cited a Chinese police warning that labeled the Pi token a scam.
Related: Pi Network token crashes 65% following mainnet launch
Pi Network users have been “mining” the token for years, even before the project’s open mainnet launch on Feb. 20. Community members have been looking for platforms to sell their assets as prices plunged, but their options have been limited.
Bybit’s topsy-turvy regulatory journey
Founded as a derivatives exchange in Singapore, Bybit relocated its headquarters to Dubai in 2022 after expanding into spot trading. On Feb. 21, it recorded the second-highest trading volume among cryptocurrency exchanges.
Related: Bybit bags provisional crypto license from Dubai regulator
Despite its global reach, Bybit faces ongoing regulatory scrutiny. The exchange has halted operations in Malaysia and India due to regulatory pressure.
In France, however, the exchange was recently removed from the local regulator’s blacklist, after sitting on the list since May 2022 for “noncompliance.” The exchange then announced that it intends to apply for the European Union’s Markets in Crypto-Assets Regulation license.
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