Singapore crypto exchange Bybit to cut up to 30% of workforce

Singapore-based cryptocurrency exchange Bybit is reportedly laying off 20% to 30% of its employees.

Ben Zhou, co-founder and CEO of Bybit / Photo credit: Bybit

According to a series of tweets published by crypto reporter Colin Wu, the company also issued an internal statement to employees today, which several sources have confirmed is authentic. The letter was reportedly written by Ben Zhou, the co-founder and CEO of Bybit.

A Bybit spokesperson has confirmed the layoffs to Tech in Asia, although the number of employees affected remains undisclosed.

The spokesperson says the firm is “building smaller but more agile teams” to improve efficiency, with role and function reviews taking place starting this week.

“We grew so fast in this period but also grew too comfortable, I am afraid. Our organization size had grown exponentially, but the overall business growth did not grow in the same way,” the letter detailed.

According to Wu, Bybit has grown its workforce by 300% since 2020, swelling its ranks to 2,000 employees. Bybit also said it will offer severance packages and an employee assistance program to affected staff.

“During the latest staff review, internal efficiency is still the biggest problem that Bybit has now. This means our operational efficiency has gotten worse despite our growing size. It’s evident that we haven’t utilized our fast-growing resources properly,” the company wrote.

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