Bybit launches its second mass layoff this year amid the crypto winter and FTX collapse.

About Bybit

Bybit is crypto exchange rooted in Dubai. It was established in 2018 and achieve a significant success in the spot market. Bybit has professionals from investment banks, technology groups, and the forex industry. The co-founder and CEO of Bybit, Ben Zhou, previously worked in XM, the reputable global forex and CFDs broker. Bybit now has more than 1.7 million registered clients across the world, and its business covers many regions including North America, Europe, East Asia and Southeast Asia. In addition, its derivatives trading volume is among the highest in the world.

Layoff

On December 4, 2022, the CEO & co-founder of Bybit unexpectedly announced that the company decided to lay off a number of employees due to the crypto winter on Twitter.

Before this, in the early period of this year, Bybit had already launched a massive layoff in July. The layoffs were attributed to inflation, a market that has been declining, and Bybit being forced to cut costs.

2022，a dark year for the crypto world？

Not long ago, the world's leading cryptocurrency exchange FTX and its affiliate Alameda Research filed for bankruptcy protection, followed by the collapse of prominent cryptocurrency lender BlockFi, and just one month after the mysterious deaths of three billionaires in the cryptocurrency industry. This series of events has cast a pall over the FX and crypto industries.

As the crypto world has rippled, more and more investors have begun to question the reliability of cryptocurrency exchanges. As a result, some exchanges are taking steps to ensure they survive the crypto winter.

There is more

Bybit is expected to cut 30 percent of its workforce. According to Ben Zhou, the top priority is to ensure that business is not affected and that clients' money is safe. Besides, the N+3 compensation scheme will be implemented uniformly for the employees who are laid off.

WikiFX will keep eye on this issue, please stay tuned for more information. WikiFX is not only a platform for evaluating over 40,000 forex brokers worldwide, but you can also find the latest news about FX and the crypto industry on the WikiFX app.