Bybit Launches P2P Shield To Secure Users From Fraud

JAKARTA - Bybit, one of the largest crypto exchanges in the world, recently launched their newest feature called Bybit P2P Shield on August 19, 2024. This step was taken as an effort to improve security and restore user confidence in crypto peer-to-peer trading (P2P) which is increasingly vulnerable to fraud.

This feature is designed to provide financial protection for users who are victims of fraud in transactions on their platform.

Bybit P2P Shield comes in response to rising incidents of fraud in P2P trading, where users directly exchange assets of each other without intermediaries. Fraud in the form of false payment confirmation that causes sellers to release their cryptocurrencies without receiving promised funds, becomes one of the frequent modes.

With the P2P Shield Bybit, eligible users will receive financial compensation if they become victims of fraud. However, Bybit emphasized that this feature is not a substitute for vigilance. Users are still advised to be careful and carry out in-depth checks before making transactions.

The launch of the P2P Shield Bybit coincides with the important moments in Bybit's growth journey. Recently, Bybit managed to surpass Coinbase in terms of trading volume, becoming the world's second largest crypto exchange. This security innovation like P2P Shield is predicted to have a significant influence on P2P trading as a whole.

Not only focusing on security, Bybit also continues to expand its global reach. Last week, Bybit announced its expansion to Latin America by obtaining approval as a virtual asset service provider (VASP) and card operator in Argentina. This allows Bybit to offer a variety of crypto services in areas that increasingly rely on digital assets amid economic challenges.

The VASP approval in Argentina is a strategic step for Bybit to strengthen its position in the Latin American market, particularly amid a surge in crypto adoption in the country due to economic instability.

The launch of P2P Shield's Bybit and its global expansion affirms the company's commitment to continue to grow and expand its worldwide presence without ignoring user security and trust.