Latest news with #Bybit
Business Insider
6 hours ago
- Business
- Business Insider
$TAC Token Debuts in TVL as TAC Mainnet Goes Live with Leading DeFi Protocols
Tortola, British Virgin Islands, July 15th, 2025, Chainwire $TAC token is now listed on leading exchanges including Bybit, Bitget, and Kraken. The token is also now live on trading platforms such as Wallet in Telegram and Binance Alpha. TAC's public mainnet is now live. Leading DeFi protocols, including Morpho, Curve, Bancor, Euler, ZeroLend, IPOR Fusion, and are now deployed on the public mainnet. The TAC Summoning Liquidity Campaign reached $800M in TVL. This liquidity will power the DeFi dApps on TAC. TAC, a purpose-built blockchain enabling EVM dApps to access TON and Telegram's growing blockchain-based economy, has launched its public mainnet and unveiled its native token, $TAC. $TAC token is now listed on leading exchanges including Bybit, Bitget, and Kraken. The token is also now live on trading platforms such as Wallet in Telegram and Binance Alpha. The token release delivers an on-chain currency that fuels TAC gas fees, staking, and governance across TAC's Ethereum-compatible Layer-1. Alongside the token launch, TAC's public mainnet is now live. Leading DeFi protocols, including Morpho, Curve, Bancor, Euler, ZeroLend, IPOR Fusion, and are now deployed on the public mainnet. The TAC Summoning campaign, a liquidity bootstrapping campaign launched in collaboration with Turtle Club, a liquidity distribution protocol, accumulated over $800 million in TVL. The liquidity that this has bootstrapped will ensure robust markets from day one, solving the cold-start problem that typically affects new DeFi ecosystems. $TAC Token Utility and Role in the Network $TAC serves three indispensable roles. First, it is the exclusive gas token on TAC EVM, including back-end logic that converts TON-denominated fees into $TAC, creating continuous buy-pressure as network activity scales. Secondly, it enhances network security through a delegated proof-of-stake (DPoS) mechanism, where validators are required to bond $TAC to participate in block production. Token holders may also delegate their $TAC to validators, with current protocol estimates indicating potential annualized returns in the range of 8–10%. Third, $TAC unlocks on-chain governance, allowing stakers to direct upgrades, incentive programs, and the community treasury. TAC token is launching in a live and vibrant ecosystem with $800mn TVL, with a variety of high-quality assets, blue-chip dApps, and DeFi use cases. 'TAC enhances the TON ecosystem with a ready-to-use DeFi layer, battle-tested and live from day one,' said Pavel Altukhov, co-founder of TAC. 'This marks a major step not just for TON, but for Telegram's evolution into a true super app, as builders can now integrate the most mature blockchain use case into products directly reaching a billion users.' With the public listing, TAC will distribute validator grants, activate liquidity incentives on partner DEXs, and open proposals for its first community-led growth programs. Built to Scale with Major Infrastructure Partnerships TAC is a layer 1 blockchain built using a CosmosEVM architecture, ensuring seamless compatibility with Ethereum's Cancun hard fork. It is secured through a Tendermint-based Delegated Proof-of-stake (DPoS) consensus mechanism and the native $TAC token, enabling about 2-second block finality and allowing users to delegate their tokens to trusted validators. Security is further strengthened by TAC's integration with Babylon, which introduces Bitcoin staking to enhance consensus validation. TAC has also established partnerships with leading infrastructure providers, including LayerZero, RedStone, Blockscout, Dune, and Thirdweb, laying the groundwork for a powerful, scalable, and developer-friendly ecosystem. TAC's mainnet launch comes after the company announced that it had raised a total of $11.5 million across its seed and strategic funding rounds, led by Hack VC, on June 18. TAC is a purpose-built blockchain for EVM dApps to access TON and Telegram Ecosystem's 1B+ user base. TAC makes it seamless for Ethereum dApps to be deployed on TON. EVM functionality and liquidity brought to the TON ecosystem enable builders to focus on consumer use cases. Contact PR
Cision Canada
8 hours ago
- Business
- Cision Canada
Bybit Launches "Fiat-to-Crypto Weekly Frenzy" with 20,000 USDT Weekly Prize Pool for New Users
DUBAI, UAE, July 15, 2025 /CNW/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, announces the launch of its exclusive Fiat-to-Crypto Weekly Frenzy, a promotional event designed to welcome and reward new users exploring the crypto ecosystem. Running now until September 30, 2025, the campaign offers participants the chance to win a share of 20,000 USDT every week by completing simple trading and deposit tasks. Bybit's Peer-to-Peer (P2P) platform enables users to access over 300 cryptocurrencies using their local fiat currency, delivering fast, secure, and hassle-free transactions. From leading digital assets such as USDT, BTC, and ETH, to trending altcoins like DOGE and LAYER, Bybit P2P is designed to make crypto accessible to a wider global audience. How the Event Works: Sign Up and Verify: New users register for a Bybit account and complete identity verification. Complete Tasks: Participants visit the Rewards Hub to complete simple deposit and spot trading activities, earning bonuses and lucky draw tickets. Join Weekly Draws: Each ticket serves as an entry for a chance to win a share of the weekly 20,000 USDT prize pool. The goal of the Fiat-to-Crypto Weekly Frenzy is to create an exciting and rewarding experience for users who are new to the crypto space. Bybit explains that Bybit P2P simplifies the process of converting fiat to crypto and provides valuable incentives, encouraging users to explore digital assets safely and efficiently. For more information or to register for the event, users may visit the Fiat-to-Crypto Weekly Frenzy event page. #Bybit / #TheCryptoArk About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at
Business Insider
11 hours ago
- Business
- Business Insider
Bybit Lights Up Vienna: A New Era for Crypto in Europe Begins
Vienna, Austria, July 15th, 2025, Chainwire Bybit EU officially launched its European headquarters in Vienna last week with a landmark event at METAstadt, uniting over 250 guests from fintech, policy, academia, and blockchain sectors. The evening celebrated Austria's emergence as a crypto innovation hub under MiCAR and marked the beginning of Bybit's long-term commitment to Europe. Mazurka Zeng, CEO of Bybit EU, took the stage to present her newly formed team in Vienna alongside Bybit's Board of Directors, highlighting the strength of local leadership and the company's vision for Europe: 'We chose Vienna because it offers clarity, stability, and a thriving ecosystem. This event is about building real, lasting connections with Europe's crypto community.' The event featured keynote speeches by Ben Zhou, CEO and Co-founder of Bybit, who emphasized: 'Bybit EU is about setting a new standard — not just in Austria, but across Europe. We're here to build, together.' Austria's State Secretary for Finance, Barbara Eibinger-Miedl, welcomed the expansion, noting: "The decision by Bybit to establish itself in Austria once again demonstrates that our country offers excellent conditions for international FinTechs – from clear regulatory frameworks and modern digital infrastructure to an innovation-friendly environment. Austria positioned itself early on as a pioneer in implementing the MiCAR regulation and is now one of the most attractive FinTech locations in Europe. As the State Secretary for Finance, it is my goal to further strengthen this competitive advantage." Beyond the stage, guests enjoyed a vibrant program including a red carpet experience to capture hot moments of the evening, engagement activities designed to spark connection and creativity. Notable attendees included Georg Brameshuber (Validvent), Walter Mösenbacher (DAAA), Alfred Taudes (WU Wien), Ed Prinz (DLT), Bjorn Declerck (Tomorrowland), Christian Rau (Mastercard), Attila Dogudan (DO&CO), and Martin Hanzl (EY). The Vienna launch was not just a celebration — it was a signal. Bybit EU is here to stay, grow, and co-create the future of crypto across the continent. Image Text: Ben Zhou, CEO and Co-founder of Bybit, on stage at the official European launch event in Vienna Image Credit: Lisa Leutner More impressions of the event can be accessed via this link. About Bybit EU Bybit EU GmbH is the newly established European entity, dedicated to serving clients across the European Economic Area (EEA'*' except Malta) via the platform. Operated by Bybit EU GmbH, a licensed Crypto-Asset Service Provider (CASP) under the Markets in Crypto-Assets Regulation (MiCAR), Bybit EU delivers fully regulated services, including crypto custody, exchange, and other products, in full compliance with European regulations for investor protection and market integrity. Bybit EU GmbH is a licensed Crypto-Asset-Service Provider under the Markets in Crypto Assets Regulation (MiCAR), authorized to offer the following services to residents of the European Economic Area (except Malta): providing custody and administration of crypto-assets on behalf of clients; exchange of crypto-assets for funds; exchange of crypto-assets for other crypto-assets; placing of crypto-assets; and providing transfer services for crypto-assets on behalf of clients. Bybit EU GmbH is neither the operator of a trading platform for crypto-assets nor provides investment advice. Contact Tony Bybit
Coin Geek
11 hours ago
- Business
- Coin Geek
Bybit enforces 18% GST on Indian traders amid tax crackdown
Getting your Trinity Audio player ready... Bybit, a global digital asset exchange, has introduced an 18% Goods and Services Tax (GST) on trading and transaction fees for users based in India. This new tax is in addition to the existing 30% flat income tax on digital asset gains and the 1% tax deducted at source (TDS) that applies to every digital asset transaction above Rs 10,000 ($116). This development is particularly significant because many local traders had previously turned to overseas exchanges to sidestep the country's high 'crypto' taxation. However, with platforms like Bybit now adhering to tax regulations, that loophole is quickly closing. 'In accordance with the India taxation framework, Virtual Digital Asset Service Providers will be required to charge a 18% GST (Goods and Services Tax) on service fees and trading fees to residents of India. In compliance with this requirement, Bybit will be implementing the GST charge,' Bybit said in a statement. The GST amount will be deducted directly from the assets received. The tax will be imposed on all types of transactions, including spot and margin trades, derivatives, fiat conversions, and 'cryptocurrency' withdrawals, the statement added. Bybit is also set to discontinue several services for users in India. Features like legacy crypto loans, the Bybit card, and various trading bots, such as Spot Grid, Dollar Cost Averaging (DCA), and Futures Combo, will no longer be available. From July 17, cardholders will be restricted from making new transactions, and auto-repayment will be triggered for any outstanding borrowings in user accounts. 'This is an extremely critical development. It clearly indicates that India's tax authorities may be expanding enforcement to offshore exchanges operating in India or servicing Indian residents. This in my opinion will have major implications for Indian traders,' Raj Kapoor, founder of India Blockchain Alliance (IBA), told CoinGeek. 'The tax arbitrage advantage that led traders to international platforms is narrowing, and if other global exchanges follow suit (Binance, KuCoin, etc.), Indian traders will lose their last remaining tax shelters. This move aligns with India's aggressive tax compliance drive on crypto since 2022. Given rising scrutiny and pressure on cross-border digital services (like Netflix, Google Play, AWS), crypto platforms aren't likely to remain exempt,' Kapoor added. Bybit stands out as one of the first global digital asset exchanges to formally declare its compliance with Indian tax regulations, specifically regarding the collection of GST from users residing in India. In contrast, many other international platforms have yet to make similar public announcements. However, with this precedent now established, industry experts believe that more exchanges will begin implementing GST charges, whether by choice or due to mounting regulatory pressure. Kapoor informed that tax authorities are increasingly applying the Online Information Database Access and Retrieval (OIDAR) framework to bring foreign digital service providers under the GST umbrella when their services are accessed by users in India. This signals a broader push for accountability and tax compliance across the digital asset sector. Indian digital asset exchanges have been adhering to the country's GST regulations. These platforms either absorb the GST within the trading fees or add it transparently on top, which users can verify through their transaction history on the exchange. In contrast, many international exchanges have yet to fully align with India's tax framework. Industry experts point out that while some platforms have not been paying GST, others continue to bypass the mandatory 1% TDS on digital asset transactions. From a regulatory standpoint, this constitutes a clear case of tax non-compliance, a serious issue that may result in substantial penalties or legal action against these entities. 'Bybit's move signals the inevitable: global exchanges can't remain outside the scope of India's evolving crypto framework forever. For years, traders bypassed tax burdens by shifting to offshore platforms. That gap is now closing. It's no longer about evasion—it's about adaptation,' Rohan Sharan, founder of Timechain Labs, told CoinGeek. As enforcement tightens, domestic and international exchanges will likely be required to operate under the same regulatory standards. This means more global platforms are expected to begin charging GST to users soon. 'As India asserts more regulatory clarity, other global exchanges will either comply or risk losing access to one of the world's largest retail crypto markets. Compliance will become a competitive advantage, not a burden,' Sharan pointed out. 'For Indian traders, this is a turning point. Yes, layered taxes squeeze margins. But the bigger concern isn't profitability; it's predictability. Traders and businesses can plan around known tax regimes. What kills innovation is uncertainty, not taxation,' Sharan added. Regulators target tax gaps Tax non-compliance is becoming an increasingly serious liability for businesses operating in the digital asset space, particularly as regulatory scrutiny intensifies. In India, authorities have stepped up enforcement efforts to ensure that all digital asset-related activities fall within the existing tax framework. Several digital asset exchanges and individual users have already been served with formal notices from Indian tax authorities over unpaid dues. These notices clearly warn that non-compliance will not be tolerated and could lead to penalties, interest charges, or even legal proceedings. 'We believe that all exchanges—domestic or international—must comply with the laws of the land. Indian investors should exercise caution while using non-compliant platforms, as it not only exposes them to regulatory risks but also to potential bad actors,' Sumit Gupta, co-founder of CoinDCX, India's first digital currency unicorn, told CoinGeek. 'The recent notices sent by the income tax department to thousands of users for non-disclosure of virtual assets are a clear reminder of the importance of compliance,' Gupta added. What's crucial, however, is that the financial and legal consequences of non-compliance must not be shifted onto users. If customers bear the brunt of penalties or regulatory actions due to an exchange's oversight, it would be both unjust and deeply damaging, especially when users have followed the rules in good faith. Already, India imposes one of the harshest taxation on digital asset trading—a 30% flat tax on all digital currency income with no provision to offset losses and a 1% TDS on all transactions above Rs 10,000 ($116). This may likely lead to a loss of about $1.2 trillion in trade volume on domestic exchanges, according to a study from Esya Centre, an Indian policy think tank. So far, Seychelles-headquartered OKX exchange shut down its India operations, citing regulatory hurdles. Moreover, India's digital asset exchange landscape is poised for major consolidation in 2025, with smaller platforms expected to either cease operations or merge with larger competitors. This shift is largely driven by the country's stringent tax policies on 'cryptocurrencies' and other digital assets. 'If further taxes (like GST on total transaction value or increased TDS) are imposed, the immediate impact would be that profit margins will shrink dramatically. Then, crypto arbitrage, day-trading, and scalping will become unviable domestically, Indian traders may move to decentralized exchanges (DEXs) and peer-to-peer (P2P) networks without centralized oversight,' Kapoor pointed out. 'Add to that the risk of increasing underground crypto activity via virtual private networks, fake know-your-customer, and over-the-counter trades — already a known concern and yet to be satisfactorily addressed. In effect, if taxes continue to stack without formal regulation and safe investment avenues, retail activity will decline, institutions will stay away, and black-market risk will increase,' Kapoor added. Is 'crypto' trading still profitable? The big question on every Indian trader's mind today is whether digital asset trading remains financially worthwhile given the growing stack of taxes. With multiple layers of taxation, including a 30% flat tax on profits, 1% TDS, and 18% GST on trading fees, it's becoming increasingly difficult to determine if trading can still yield meaningful returns. The real concern is whether these burdens leave enough room for profits, especially for smaller retail investors and frequent traders. Industry experts believe that the current tax structure is financially burdensome for the majority of active retail digital asset traders in India. Under these conditions, only a few categories of participants, such as high-frequency traders with substantial capital, long-term investors riding bull markets, or those using decentralized exchanges (DEXs) that fall outside regulatory oversight, may still find viable margins. 'Profits can still be made in spot holdings in bull runs, early-stage token investments, non-fungible tokens, decentralized finance protocols, or offshore staking (if not repatriated), but for active trading and scalping — it's borderline loss-making now,' Kapoor explained. 'For most active retail traders, it's rapidly becoming unprofitable…So, unless you're a high-frequency, high-capital trader, a long-term HODLer in bull markets, or trading via unregulated DEXs, it's going to be extremely difficult to maintain healthy net margins in India's crypto environment today,' Kapoor noted. The Indian digital asset trading market is evolving, and traders need to adapt and take a more mature, strategic approach to succeed. Even with the heavy tax burden, there are still ways to trade profitably. Strategies like long-term holding or carefully planned arbitrage can still work, but quick speculative trades are becoming a lot less viable. 'Despite the tax stack—30% on profits, 1% TDS, and now 18% GST—profitable strategies still exist, especially in low-frequency, long-hold portfolios or structured arbitrage. But it's no longer a playground for speculative flips. The industry is maturing, and so must the players,' Sharan said. Local exchanges, on their part, have been requesting the government to establish a level playing field for virtual digital assets (VDAs). The requests include reducing TDS from 1% to 0.01%, allowing offsetting and carrying forward losses, and treating income from digital assets at par with other capital assets. But the requests have so far fallen on deaf ears. While the local economy is looking to regulate the digital assets space, Finance Minister Nirmala Sitharaman said in March 2024 that 'cryptocurrencies' cannot be a legal currency in India. 'While India currently ranks among the highest-taxed regions for crypto, it also leads in global adoption. This tells an important story: Indians continue to believe in the long-term value and potential of digital assets. However, the current taxation framework—though well-intentioned—is inadvertently pushing users and volumes to offshore non-compliant platforms,' Gupta said. 'These reforms can significantly reduce market friction, improve domestic liquidity, and curb capital flight to non-compliant platforms, while ultimately increasing tax revenue for the government. Despite the headwinds, India's crypto ecosystem remains vibrant. A rational, forward-looking tax policy will be key to unlocking its full potential and ensuring sustainable innovation and investor participation.' Watch: India is going to be the frontrunner in digitalization title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Business Insider
a day ago
- Business
- Business Insider
Bybit & Block Scholes Report: BTC Options Flipped Put-Call Skew After ATH
Dubai, United Arab Emirates, July 14th, 2025, Chainwire Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released its latest crypto derivatives analytics report with Block Scholes, outlining BTC's solid price action in the previous week with positive movements all around from ETH to altcoins. Key Insights: Price Surge Uplifted Option Interest and Funding Rates: Perpetual trading volume on Bybit hit a monthly high at $11.1B by the end of the week after a lackluster July thus far, following BTC's breakthrough to $115k on July 9. Following weeks of fluctuation, overall funding rates for assets, including BTC, turned consistently positive, with BTC suffering only 8 hours of negative funding rates a day before its ATH over Trump's tariff remarks. BTC Options Reversed Course: BTC's options market sentiment underwent a dramatic reversal at the price surge on July 9th, with put-call skew flipping from a 2% premium favoring downside protection to a 5% premium on upside calls, indicating traders are increasingly positioning for further BTC price appreciation despite the asset's already substantial gains. Source: Bybit and Block Scholes Altcoins Outperformed BTC: Notably, altcoins demonstrated competitive gains against BTC, with ETH and XRP each surging over 6% compared to BTC's relatively modest gains to its new ATH of $112K—just $29 above the May peak. While BTC options maintained rangebound implied volatility between 26-35%, the altcoin rally highlighted shifting market dynamics, though SOL lagged with only a 2% weekly gain despite strong ecosystem fundamentals, including record-breaking Q2 revenue of $271M that outpaced all other Layer 1 and Layer 2 networks. For detailed insights, readers may download the full report. #Bybit / #TheCryptoArk / #BybitLearn About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Contact Head of PR Tony Au Bybit
