<p class="MsoNormal text-align-justify">Bybit,
a cryptocurrency exchange founded in 2018, has announced plans to carry out a
new round of job cuts across its organization. ByBit's CEO and Co-Founder, Ben Zhou
announced on Sunday on Twitter that the move is part of the company’s reorganization plan to “refocus our efforts for the deepening bear
market.” </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">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.</p>— Ben Zhou (@benbybit) <a href="https://twitter.com/benbybit/status/1599275418502459392?ref_src=twsrc%5Etfw">December 4, 2022</a></blockquote><p class="MsoNormal text-align-justify">The
announcement comes five months after the cryptocurrency exchange announced
plans to fire about 30% of its staff. A Bybit spokesperson told CoinDesk the goal was to “remove overlapping functions and build
smaller but more agile teams." </p><p class="MsoNormal text-align-justify">In addition, the
planned action will see about 30% of the company’s workers lose their
jobs, according to confirmed reports. This is even as Bybit <a href="https://www.financemagnates.com/cryptocurrency/bybit-supports-crypto-market-makers-with-100m-fund/">launched a $100 million support fund</a> last week for institutional clients in the crypto industry in the wake of <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/">FTX’s collapse</a>.</p><p class="MsoNormal">On top of that, Bybit recently <a href="https://www.financemagnates.com/cryptocurrency/bybit-gets-in-principle-approval-to-conduct-business-in-uae/">moved its headquarters</a> from Singapore to the United Arab
Emirates, stating in order “to have a domiciled presence that does not affect our global
standing.”</p><p class="MsoNormal text-align-justify">Market Slowdown</p><p class="MsoNormal">Explaining
the new planned job cut, Zhou noted that it remains important for the company
to have “the right structure and resources in place to navigate the market
slowdown.” The executive added that Bybit needs to be “nimble enough to seize
the many opportunities ahead.” </p><p class="MsoNormal">“The
planned downsizing will be across the board. We are all saddened by the fact
that this reorganization will impact many of our dear Bybuddies and some of our
oldest friends. I am very grateful for all of their contributions to Bybit over
the years, and we will not forget them,” Zhou further commented. </p><p class="MsoNormal">Other
Recent Retrenchment Actions </p><p class="MsoNormal">Meanwhile,
Bybit’s announcement less than one week after Kraken, one of the longest-running
cryptocurrency exchanges in the industry, <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/">pruned its global team by 30%</a>, firing approximately
1,100 people “in order to adapt to current market conditions.” </p><p class="MsoNormal">In
recent months, other exchanges such as <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-gemini-sheds-off-10-of-workforce-in-first-job-cut/" target="_blank" rel="follow">Gemini</a>, <a href="https://www.financemagnates.com/cryptocurrency/we-grew-too-quickly-coinbase-downsizes-amidst-economic-downturn/" target="_blank" rel="follow">Coinbase</a>, Crypto.com, and
now-bankrupt BlockFi all reduced their employee headcounts. In contrast,
Binance months ago said it <a href="https://www.financemagnates.com/cryptocurrency/amidst-mass-layoffs-binance-announces-2000-open-job-positions/" target="_blank" rel="follow">was hiring for new roles</a>. KuCoin, a
Seychelles-based crypto exchange, also clarified that it had no plans to make
any significant changes to its hiring plan for 2022.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
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