Bybit Takes ‘Extreme Steps,’ Slashing Staff Amid Turbulent Markets

Starting this week, the Dubai-based cryptoasset exchange will review some of its roles and functions, a spokesperson said

article-image

blockworks exclusive art by axel rangel

share

key takeaways

  • “We are exploring a way to remove overlapping functions and build smaller but more agile teams,” a Bybit spokesperson told Blockworks
  • A challenging and bearish market backdrop has forced the need to cut costs, they said

In the face of recent market carnage, Bybit has become the latest cryptocurrency exchange set to slash its employee headcount.

Persistently high inflation, a drop in consumer spending and the arrival of the bear market struck its business — and that’s resulted in a need to cut costs, a spokesperson for Bybit told Blockworks.

“We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency,” the spokesperson said.

It isn’t clear how many employees will be affected by the review.

Bybit’s spokesperson pointed to companies around the world being affected by a bearish environment and that it isn’t an outlier.

Coinbase said it will axe 18% of its workforce, Crypto.com will cut 5% while Gemini will cut 10%. Companies in the industry have cited worsening market conditions and signaled an extended downturn — also known as a crypto winter.

“Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis,” the spokesperson said.

Affected employees will receive a severance package and access to Bybit’s employee career support while making the transition to another job.

Dubai-based Bybit says it has more than 5 million users and a presence in 160 countries. The platform’s trading volume stands at $12 billion over the past 24 hours, according to data from Nomics.

“We are committed to continuously investing in strategic [Web3] projects and acquisitions, as well as sponsoring nonprofit organizations as we streamline our expansion plans based on our business priorities,” Bybit’s spokesperson added.

Correction: 11:30 am ET, June 20, 2022: Bybit is based in Dubai, not Singapore.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Nillion_DeSci_Report_Template.png

Research

Nillion’s Monad Integration is poised to catalyze the next phase of DeSci’s evolution by eliminating key privacy bottlenecks. This synergy allows researchers, institutions, and DAOs to exchange sensitive data and insights securely while managing governance and payments onchain.

article-image

Celebrating the wisdom of a diamond-handed Bitcoin Legend

article-image

With the success of RWAs and stablecoins, DePINs could onboard the next wave of crypto users

article-image

Is crypto straying too far from things of value?

article-image

Firedancer and Solana ETFs look less significant than before

article-image

The newly passed House bill amplifies that strategic pivot for the Trump administration, from attempting austerity to running the economy hot

article-image

Unable to secure further funding, the game cycled through three different blockchains and at least five different game engines since 2018