Cryptocurrency exchange Bybit plans to cut 30% of workforce: CEO Ben Zhou

The layoffs are part of an ongoing reorganisation aimed at refocusing efforts, and reductions will be across the board

Cryptocurrency exchange Bybit is planning to cut its workforce by 30 per cent amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said.

The moves are part of an ongoing reorganisation aimed at refocusing efforts, and reductions will be across the board, Zhou said Sunday, adding the priority is to ensure business operations are unaffected and client assets remain safe. 

He cited crypto prices trending lower and the struggles of companies such as bankrupt crypto lender BlockFi and embattled crypto brokerage Genesis as signals “to tell us that we are entering into an even colder