Bybit cut 30% of Staff to ‘Navigate Market Slowdown’

As of the current bear market situation in the crypto world, Bybit, a crypto exchange platform, decides to lay off its staff members.

Ben Zhou, co-founder, and the chief executive officer said Bybit has launched a thorough investigation and strategic review of its business, organizational structure, and personnel. The exchange did not disclose the size of its workforce.

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

Furthermore, he made a statement, “Regrettably, the review includes a headcount reduction across the board with an overall impact of approximately 30%.”

Ben Zhou continued his statement by saying it is important to ensure that Bybit has the right structures and resources to navigate the market downturn and is nimble enough to take advantage of the many opportunities that lie ahead.

Ben Zhou added that the company’s priority is to ensure that its business operations remain unaffected and that its customers’ assets remain safe.

Also read: Crypto Exchange Bybit Launches $100M Institution Support Fund

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