DUBAI, UAE, Oct. 8, 2024 /PRNewswire/ — Ben Zhou, co-founder and CEO of Bybit, shared his candid views on crypto compliance, sensible AI deployments, and new growth drivers at TOKEN2049. Sharing the main stage with panelists from other leading exchanges, Ben addressed the growing pains of mainstreaming exchanges, and how they are adapting to meet increasing regulatory requirements at the annual premier crypto event, attended by over 30,000 participants and amplifying leading voices in the blockchain and crypto economy.

Advance Compliance: A Necessary Luxury
“Compliance is not cheap, but the penalties are more expensive. And it comes with not just monetary but also other consequences,” Ben Zhou, co-founder and CEO of Bybit remarked.
Steering the world’s second-largest cryptocurrency exchange by trading volume, Ben Zhou admitted Bybit was on the same learning curve as other major exchanges.
“We are not the first ones, and we have the opportunities to learn and adapt the business,” he said about the rapid changes in the compliance landscape, acknowledging that all exchanges including Bybit are ramping up their compliance efforts.
Only a year ago, exchanges used to place an amount limit on compliance checks; but Bybit has been taking a prudent approach of standardizing compliance and safety checks on practically transaction of any amount, after witnessing “what had happened in the industry,” he disclosed.
Compliance overhead has increased accordingly. “The operations are getting a lot heavier with a lot more manpower,” he said, adding that third-party tools such as Chainalysis have been useful in improving due diligence and KYC, adding costs but also efficiency.
At the time of writing, a team of over 50 risk experts operate Bybit’s AI-enhanced risk engine alongside a growing legal and compliance function comprising compliance officers of various specialities and in-house counsel.
Ben also took pride in crypto’s contribution to improving compliance practices and raised the bar to make it harder for rogue actors to bypass sanctions. “In our industry, we have revolutionized how compliance has been done. For instance, someone trying to access our platform from a sanctioned address would be identified within minutes and the address would be blocked. The industry is revolutionizing the old ways of doing things in compliance,” he said.  
Incorporating AI Tools and Finding Growth 
Bybit takes a “slightly different approach” to AI and recognizes the gap between the native interfaces and users’ demands.
“We don’t like to use APIs because retail users don’t understand them. Instead, we think about the user experience when they interact with exchanges: we use AI to make it a little easier with automation,” he explains.
In the fast-moving world of crypto, users seek not Wikipedia-style explanations of a newly listed token, but hard data and community feedback. Bybit uses AI as a co-pilot to produce a timely summary to break down data points and guide users doing their research to analysis, project background, and social noise. “Basically we look at which part of the process is mundane, and try to streamline it,” he said of the way Bybit deploys AI.
Ben also revealed the geography of growth as crypto continues to serve as a driver for financial inclusion. He commented on the fast-growing TON ecosystem and play-to-earn games, drawing in diverse user groups from Africa, India to parts of Eastern Europe, mapping out a new trend of onboarding users from emerging economies.
Crypto offers an engaging way to empower these communities, he said, where traditional financial infrastructure may fall short for retail users.
Themed “Exchanges at the Helm: Driving Crypto from Niche to Mainstream”, the panel was moderated by Michael Casey, Chairman of the Decentralized AI Society featuring prominent speakers including Ben Zhou at Bybit, Gracy Chen at Bitget, Vivien Lin at BingX, Sonia Shaw at Coin W and Alicia Kao at KuCoin.
#Bybit / #TheCryptoArk / #TOKEN2049
About Bybit
Bybit is one of the world’s top three crypto exchanges by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.For media inquiries, please contact: [email protected] For more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social Media
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A global alliance to empower businesses with robust cyber defence in today’s digital eraBest-of-breed offering, together with Palo Alto Networks’ industry leading cybersecurity technologies and Tata Communications deep industry expertise across network and cloud security, cyberthreat detection and response, and security assessmentCollaboration to deliver unified network and cloud security, ZTNA 2.0 and SASE, leveraging Palo Alto Networks platformsMUMBAI, India, Oct. 8, 2024 /PRNewswire/ — Tata Communications today announced a collaboration with Palo Alto Networks, the global cybersecurity leader, to deliver comprehensive cybersecurity solutions to global enterprises.

The rapid shift towards digital transformation, cloud adoption, and remote workforces has significantly expanded and complicated the attack surface for organizations, making them more vulnerable to sophisticated cyberthreats. To combat these challenges, enterprises require robust, integrated, and managed cybersecurity solutions.
The best-of- breed offering will bring together Palo Alto Networks industry-leading technologies with Tata Communications digital fabric of solutions and deep industry expertise across network security, cloud security, cyberthreat detection and response, security assessment and consulting services — leveraging a powerful alliance to address the evolving cyberthreat landscape.
The partnership will address these critical needs by offering a robust cloud and cybersecurity fabric of services and technologies that are focused on delivering the following key benefits:
Advanced threat hunting, incident response, and compliance capabilities: As businesses transition to cloud-based solutions, new security challenges emerge, such as unauthorised access and lack of visibility into cloud environments. Unlike other traditional Security Operations Centre (SOC) tools that often fall short in these settings, the Palo Alto Networks Precision AI-powered platform, combines the capabilities of SIEM, XDR, SOAR, and other SOC tools to simplify security operations.Proactive threat isolation and resolution with embedded threat intelligence: Tata Communications will offer a unified, cloud-delivered security solution that integrates network security, cloud security, Zero Trust Network Access (ZTNA) 2.0 capabilities and Secure Access Service Edge (SASE), by leveraging Palo Alto Networks Prisma Access platform — a cloud-based platform for network security services that offers consolidated, best-in-class security at the edge for end-users.Seamless deployment and operations: Tata Communications will also provide dedicated managed services, including the lifecycle management of Palo Alto Networks solutions, allowing customers to focus on their core business.Optimised security posture and enhanced user experience: The partnership will deliver rapid detection and reduced response times, with simplified security management.Significant cost savings and operational efficiencies: Customers will benefit by consolidating multiple security vendors and services into a single provider.Unmatched expertise: Tata Communications to enable rigorous assessment of existing security infrastructure and recommend a roadmap with access to real-time analytics and insights, threat intelligence, and a use case library.”It’s critical for businesses to adopt a platform-centric approach to cybersecurity as attack surfaces expand and threats become more complex,” said Vaibhav Dutta, Associate Vice President and Global Head-Cybersecurity Products & Services at Tata Communications. “Our strategic collaboration with Palo Alto Networks stitches together all the essential solutions and tools into a single cloud and cybersecurity fabric – simplifying and streamlining enterprise security management.”
“Tata Communications proven capabilities as a Managed Cybersecurity Service Provider and commitment to excellence, perfectly complement our advanced technologies,” said Michelle Saw, VP GTM and Ecosystems, JAPAC at Palo Alto Networks. “Together, we are confident of empowering future forward enterprises worldwide to further strengthen their security posture, improve operational efficiency, and mitigate risks effectively.”
Click here to learn more about Tata Communications cybersecurity solutions. 
About Tata Communications
A part of the Tata Group, Tata Communications (NSE: TATACOMM) (BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com
Forward-looking and cautionary statements
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors, including financial, regulatory, and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward- looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance, or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports.
The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.
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Anyformat’s €520,000 pre-seed funding round included participation from Spanish investment funds 4Founders Capital and Abac Nest Ventures, along with prominent business angels.The startup offers an innovative SaaS that simplifies and optimizes the analysis of unstructured data without requiring technical expertise. This solution addresses a critical need: 80% of the data companies possess goes unused due to its complexity in access and processing.According to Market Data Forecast, the artificial intelligence market in Europe is expected to grow to USD 414.44 billion by 2029 from USD 87.84 billion in 2024, growing at a CAGR of 36.38% during the forecast period.MADRID, Oct. 8, 2024 /PRNewswire/ — Anyformat, the Spanish startup aiming for a new era of collaboration between humans and artificial intelligence, raised €520,000 in a pre-seed funding round. This round, led by 4Founders Capital, Abac Nest Ventures, and prominent business angels, will allow anyformat to accelerate the development of its generative AI platform, designed to transform how companies manage and analyze unstructured data.

With this cash injection, anyformat establishes itself as a key solution for automating the extraction and analysis of complex data, enabling any user—without technical expertise—to convert large volumes of unstructured information into strategic insights. This marks a crucial step for organizations looking to optimize processes and improve data-driven decision-making.
European countries are establishing legal frameworks and increasing investments in technology at a rapid pace. The market is expected to grow from USD 414.44 billion by 2029 from USD 87.84 billion in 2024. This growth environment, combined with the exponential increase in the generation of unstructured data, reinforces the strategic relevance of anyformat for companies seeking agility and operational efficiency.
Juan Huguet, CEO of anyformat, emphasizes: “Our mission is clear: to enable organizations to embrace hybrid intelligence by allowing AI to do the heavy lifting of extracting and structuring data, so that people can focus on solving strategic and creative problems. With anyformat, companies can access valuable information quickly and effortlessly.”
Anyformat’s platform automates the extraction of information from documents, presentations, and even voice recordings, simplifying tasks that previously required extensive manual effort or advanced technical knowledge. As Alejandro Fernández, COO of anyformat, explains, “Many companies are held back by the challenge of managing unstructured data. With our solution, we make that information immediately available to teams, ready to be integrated into tools like Excel or business intelligence platforms.”
In addition to its focus on usability, anyformat is designed for easy scalability, ensuring seamless integration with existing systems. Diego Pérez, CTO of anyformat, adds: “Our priority is to optimize workflows without compromising data security or privacy. We understand that trust is key, and we ensure that information is handled responsibly and efficiently, allowing organizations to grow sustainably.”
Investors recognize the disruptive potential of anyformat. Joan Pina, partner at Abac Nest Ventures, comments: “At Abac Nest Ventures, we have invested in anyformat because we believe in the founders’ vision and the impact their technology can have on the industry. Turning unstructured data into actionable insights is a growing need, and companies using anyformat are gaining a competitive edge by integrating AI quickly and efficiently into their processes.”
With the new funding, anyformat is gearing up to expand its team and operations, aiming to solidify its presence in Spain and explore opportunities in international markets. “At anyformat, we are committed to transforming unstructured information into a competitive advantage, enabling companies not only to access valuable information but also to use it intelligently for strategic decision-making that drives their growth and success.”
About anyformat
anyformat, is a Spanish generative artificial intelligence startup based in the Google Startups offices in Madrid and Emprenbit in Mallorca, founded in 2024 by Juan Huguet, Diego Pérez, and Alejandro Fernández. It offers a platform that automates the extraction and structuring of information from unstructured data sources, allowing for analysis without the need for technical expertise. Its technology transforms this data into formats ready for integration into business intelligence tools and spreadsheets, reducing processing time from hours to minutes. Its mission is to unlock the value of unstructured data, helping companies make strategic decisions and optimize their workflows. For more information visit https://www.anyformat.ai.
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