Singapore-based cryptocurrency exchange Bybit will cut 30% of its staff as part of a company strategic review and reorganization, cofounder and chief executive officer Ben Zhou said in an internal company statement on Sunday that was seen by Forkast.

See related article: Crypto exchange Bybit establishes US$100 million fund to aid institutional clients

Fast facts

  • Zhou said that Bybit has begun a thorough examination and strategic review of its business, organization structure and personnel.
  • The Singapore exchange did not disclose the number of employees it has, how many jobs will be lost, or whether most of the cuts will be in Singapore.
  • Bybit, which is registered in the British Virgin Islands, said in March this year it was moving its headquarters to Dubai from Singapore. The company declined to confirm today if that move had gone ahead.
  • “Regrettably, the review includes a headcount reduction across the board — with an overall impact of approximately 30%,” Zhou said in the statement. “But it’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and that it is nimble enough to seize the many opportunities ahead.”
  • Zhou added that the company’s priority is to ensure that its business operations remain unaffected and that its clients’ assets remain safe and assured.
  • Bybit reportedly reduced its headcount by as much as 30% in June.
  • Bybit joins a growing list of crypto-related firms and exchanges that are cutting jobs, which includes major U.S.-based exchanges Kraken and Coinbase.

See related article: U.S. crypto exchange Kraken to lay off 30% of its workforce, cites ‘market conditions’