Bybit exchange will cut part of staff due to a prolonged bear market

The platform’s CEO Ben Zhou said that the dismissal will affect all divisions of the structure

05.12.2022 - 08:00

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What’s new? On December 4, the crypto exchange’s CEO Ben Zhou announced plans to reduce the number of staff as part of an ongoing reorganization of the business. He said that the platform will refocus its efforts amid “the deepening bear market.” According to Zhou, the cuts will affect all divisions of the structure. He also stressed that the exchange will try to make the process “as smooth as possible” for affected employees and will take care of “each individual’s needs as much as we can.”

1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market. — Ben Zhou (@benbybit) December 4, 2022

What is known about Bybit? It is a centralized exchange (CEX) founded in March 2018. There are 195 currency pairs available on the platform, with a daily trading volume of $275,8 million as of December 5, according to CoinMarketCap. The number of users exceeds 1,6 million.

What other platforms are downsizing? In early November, the BitMEX crypto exchange laid off 30% of its employees, investment company Galaxy Digital announced a 20% staff reduction, and venture capital firm Digital Currency Group (DCG) cut its staff by 10%. Kraken, a US-based crypto exchange, laid off 1100 employees at the end of the month, or 30% of its staff. The cuts aim to adapt to current market conditions.

In November, Bybit announced the creation of a fund to support institutional clients during “this challenging period in the crypto industry,” Institutional and market makers will be able to receive up to $10 million. The measure is intended to support the industry, which is experiencing problems after the collapse of the FTX crypto exchange.

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