In an effort to concentrate its activities in the face of an intensifying bear market, the Dubai-based cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/binance-okx-and-bybit-halt-usdt-and-usdc-deposits-on-solana">Bybit</a> will make another round of staff layoffs, according to CEO Ben Zhou's Sunday Twitter <a href="https://twitter.com/benbybit/status/1599275418502459392" target="_blank" rel="nofollow noopener">update</a>. On the same day, a snapshot of a post from the business's internal messaging system, in which Zhou claimed that the cuts would affect 30% of the workforce, was circulating in Telegram group discussions.

https://twitter.com/benbybit/status/1599275418502459392
<h2>Bybit and Other Companies to Go Ahead with Staff Layoffs</h2>
In the past few months, apart from Bybit, a number of companies have reported layoffs, including <a href="https://www.cryptoknowmics.com/news/coinbase-bans-mobile-nft-transfers-citing-apples-app-store-rules">Coinbase</a>, and the now-bankrupt <a href="https://www.cryptoknowmics.com/news/blockfi-files-for-bankruptcy-protection-following-collapse-of-ftx">BlockFi</a>. This is because the sector is suffering from a bear market. In June, Bybit already announced layoffs.

In an intensifying market downturn, the exchange is attempting to reorient, and according to Zhou's tweet, the planned reduction will be uniform across the range. He further stated that the idea that many of the beloved Bybuddies and some of the closest pals will be impacted by this reorganization saddens everyone.
<h2>Ranking of the Dubai-based Exchange</h2>
Despite being a relatively young cryptocurrency exchange established in 2018, Dubai-based Bybit has amassed a respectable amount of trade, notably in the area of futures. According to statistics from the information platform for the previous 24 hours, the exchange is ranked ninth among 64 derivatives exchanges for open interest, which refers to options or futures that are not yet settled, and the fifteenth in terms of normalized trade volume in the open market.

Dubai-based Exchange Bybit to Lay Off 30% Staff Amid Crypto Winter

To concentrate its activities in the face of a market downturn, the Dubai-based cryptocurrency exchange Bybit will make another round of staff layoffs.

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Dubai-based Exchange Bybit to Lay Off 30% Staff Amid Crypto Winter

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