Biybit to cut 30% of workforce due to crypto market conditions

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Bybit crypto exchange has decided to lay off 30% of its workforce this winter due to adverse market conditions.

Cryptocurrency prices have remained stagnant throughout the year, forcing some exchanges to cut costs.

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Bybit’s CEO Ben Zhou confirmed that the decision to cut staff was due to “tough times”.

Bybit to lay off employees and start downsizing

Bybit is a leading cryptocurrency exchange alongside Binance, Coinbase, and Kucoin. For most crypto companies, the bear market has been rough.

Ben Zhou tweeted that Bybit will be downsized “across the board.”

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Zhou aims to make the process as smooth as possible for former employees. The 30% number comes from a screenshot of an internal conversation between Zhou and others that has been making the rounds on Telegram.

Some Bybit users wondered if the layoffs would affect the platform’s ability to function. Zhou dispelled any fears by stating that Bybit operations will not be affected by the layoffs.

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Ben Zhou:

it's important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead. That way we can continue to deliver the crypto ark to the world with even more drive and passion.

Coinbase also announced layoffs this year along with BlockFi back in November. BlockFi, unfortunately, had to file for chapter 11 bankruptcy leaving BlockFi user funds in limbo.

Get the latest on FTX-Alameda, Binance, Coinbase and Gemini exchange.