Bybit Announces New Job Cut 5 Months after Workforce Trim

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.”

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.

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."

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 launched a $100 million support fund last week for institutional clients in the crypto industry in the wake of FTX’s collapse.

On top of that, Bybit recently moved its headquarters from Singapore to the United Arab Emirates, stating in order “to have a domiciled presence that does not affect our global standing.”

Market Slowdown

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.”

“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.

Other Recent Retrenchment Actions

Meanwhile, Bybit’s announcement less than one week after Kraken, one of the longest-running cryptocurrency exchanges in the industry, pruned its global team by 30%, firing approximately 1,100 people “in order to adapt to current market conditions.”

In recent months, other exchanges such as Gemini, Coinbase, Crypto.com, and now-bankrupt BlockFi all reduced their employee headcounts. In contrast, Binance months ago said it was hiring for new roles. KuCoin, a Seychelles-based crypto exchange, also clarified that it had no plans to make any significant changes to its hiring plan for 2022.