Recent allegations against crypto exchange Bybit regarding its campus ambassador program have sparked discussions about marketing ethics in the industry. Major market participants are responding to the criticism and providing rebuttals.
Allegations Against Bybit
CEO and co-founder of Bybit Ben Zhou strongly denied the accusations that the campus ambassador program could encourage students to download the Bybit app and engage in contract trading. The claims, made by users on the platform X (formerly Twitter), highlighted concerns about marketing strategies targeting students.
Market Reactions and Bitget
In response to the discussions surrounding Bybit, another crypto exchange, Bitget, issued a statement denying any involvement in offering contract trading bonuses to students. Xie Jiayin, Bitget's China lead, emphasized that the company's program is designed to promote Web3 knowledge without financial incentives for students.
Ethical Aspects of Marketing in the Crypto Industry
These events have raised questions about the ethical marketing practices within the crypto industry, particularly regarding youth engagement. The discussion has shifted towards the potential risks that could arise should crypto exchanges actively promote their services to audiences with insufficient financial literacy.
The controversy surrounding Bybit and the statements from Bitget highlight growing concerns regarding ethical marketing in the crypto industry. Community attention to these issues may influence the future activation of youth audiences in the world of cryptocurrencies.
