ByBit crypto exchange initiates a move of Chinese employees to Malaysia and Dubai and also plans to lay off some Chinese employees.
Bybit is a popular cryptocurrency exchange known for its user-friendly interface and advanced trading features. It supports spot and derivatives trading, offers a wide range of cryptocurrencies and ensures high liquidity and fast transactions. Moreover, Bybit is praised for its robust security measures and excellent customer support.
On June 10, 2024, popular Chinese crypto blogger Colin Wu reported that the Bybit crypto exchange was planning to move ByBit’s Chinese employees to Malaysia and Dubai.
The employees who disagree with Bybit’s plan will be removed from the company, but will receive compensation.
According to report, Bybit planned to close offices in Shanghai and Shenzhen.
Earlier this, just four days ago, Bybit unexpectedly opened registration and authentication to Chinese users despite previously banning it. The management team was very cautious about this decision.
Data shows that Bybit may have tens of millions of Chinese users, following its recent decision to allow their registration, contrary to its previous policy. This move has caused internal panic among employees. Despite this change, Bybit’s certification page still states that it does not offer services in certain jurisdictions, including the United States, mainland China, Singapore, Quebec, Ontario, Iran, Sudan, and Syria.
Bybit has revoked its VASP license from Hong Kong
On June 1, 2024, we reported that Bybit had officially revoked its VASP license from the SFC authority in Hong Kong, without providing any good reason.
Later, a Hong Kong official expressed disappointment with Hong Kong’s crypto licensing system, claiming that the license was not easy for any company to obtain nor beneficial for companies to do business under those rules.
Also read: Singapore banks tighten supervision after $2.23 billion money laundering scandal