Bybit derivatives exchange lays off 30-percent employees

Popular derivatives cryptocurrency exchange, Bybit has announced it will, unfortunately, have to lay off 30-percent of its active workforce. This is second layoff being done by Bybit with one layoff already done back in June 2022.

bybit bankruptcy

This was confirmed by Ben Zhou, who is co-founder and CEO of Bybit on twitter. This downsizing of workforce will impact many of their old partners and friends. He added that none of the Bybit operations will be affected by this, so users may not panic and withdraw their funds.

Apparently, there seem to be two sorts of cryptocurrency exchanges these days. First are the ones that are smart downsizing but doubling down on security, regulation, license and building. Second type is the one doing hysteric layoffs, no sign of smart moves, no sign of regulated trading or custody. Choose your crypto exchange wisely.

So, could Bybit go the FTX way? May be, may be not. We have no information on their reserves, so after layoffs, do not be surprised if Bybit pauses withdrawals and later on, files for bankruptcy.

What Bybit needs is a regulated and licensed offering. Other exchanges like binance are now pushing towards regulation. That is chief reasons why we have doubts on Bybit.