Bybit has announced it will list zkSync and reassign the “ZK” ticker, previously used by Polyhedra Network, leading to controversy.
Bybit has announced that they will list zkSync soon. Alongside this announcement, zkSync has controversially decided to reassign the “ZK” ticker, previously owned by Polyhedra Network. Polyhedra Network, which was unhappy with the change to the brand’s identity, has expressed strong opposition to this decision.
Bybit Faces Backlash Over ZK Ticker Change
The disagreement with the “ZK” ticker began when Bybit publicly announced its desire to use it for listing zkSync. This action conflicted with Polyhedra Network’s rights to the ticker, which led to the issue. In a statement on social media, Polyhedra Network expressed their dissatisfaction with the adjustment, comparing it to bullying and losing their rightful ticker name.
Considering that the people and other stakeholders have addressed the prospect of such a shift, as well as the ethical implications of doing so, the response has been fairly unfavorable. However, Bybit has defended itself by stating that this action is part of a trend that involves streamlining the services it provides to its customers and improving the structure of the trading platform.
Furthermore, it has emphasized that this ticker change will not affect the tokens investors hold in relation to the Polyhedra Network tokens already traded on Bybit, ensuring that users and other stakeholders do not experience any panic.
Considering that it has continued to provide support to Polyhedra Network and its community in the aftermath of this occurrence, it would appear that the decision was not made out of animosity but rather for the purpose of maximizing commercial opportunities.
At a time when Bybit is experiencing some difficulties with the regulatory organizations, this ticker dispute has arisen. At the start of this month, the French financial markets regulator, the AMF, issued a warning to the French people to refrain from using Bybit because the company does not have a license in France.
On the other hand, local legislation forced Bybit to halt operations in France in October 2023, and the company’s actions are still under scrutiny as it applies for a license to operate legally in the nation. The market has responded to Bybit’s announcements in a variety of ways. While some community members welcome the move as it allows them to concentrate on new listings, others believe it will negatively impact the credibility of already launched projects like Polyhedra Network.