Crypto exchange Bybit to cut almost a third of its staff

A letter to employees states that the “organization size grew exponentially but the overall business growth did not grow in the same way”

20.06.2022 - 12:40

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2 min

What’s new? Cryptocurrency exchange Bybit is preparing to cut between 20% and 30% of its staff. This was reported by journalist Colin Wu on his Twitter account, referring to the letter to the company’s employees. The document states that the “organization size grew exponentially but the overall business growth did not grow in the same way.”

EXCLUSIVE: Bybit, one of the world's largest crypto exchanges, today issued an internal letter about layoffs, multiple sources confirmed to WuBlockchain. The internal letter said the organization size had grew expenationaly but the overall business growth did not grow in the same— Wu Blockchain (@WuBlockchain) June 20, 2022

More details about the cuts. Bybit CEO Ben Zhou told employees that he would try to remove overlapping positions and assemble smaller and more agile teams. The staff changes will start as early as this week.

Some departments will be cut by almost half. The company currently employs more than 2000 people. All downsized employees will receive financial compensation and employment assistance.

The Coinbase exchange also plans to reduce staff by 18% amid the falling crypto market. The platform’s head Brian Armstrong stressed that the team has grown rapidly over the past two years, which has negatively affected the company’s operation efficiency.

The US Financial Institutions Regulatory Authority (FINRA) offered laid-off experts of crypto companies jobs. The organization’s idea is to increase the number of employees with expertise in the field of digital assets.

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