Regulation
Bybit Exchange to move Chinese employees to Dubai and Malaysia
Bybit, one of the world’s leading cryptocurrency exchanges, is reportedly considering moving its Chinese employees to other parts of Asia, including Dubai and Malaysia. This comes shortly after the exchange giant launched registrations for Chinese diaspora users. Additionally, Bybit plans to close its Shanghai and Shenzhen offices following strict regulatory measures in the country.
Bybit will leave China completely
In a recent article on X, renowned crypto journalist Colin Wu of Wu Blockchain disclosed that Bybit, the second largest cryptocurrency exchange by trading volume, has initiated plans to move its staff from China to Dubai and Malaysia. Therefore, the company has also considered the possibility of leaving the country as it plans to close its offices in the region.
Interestingly, this comes against the backdrop of a previous announcement that Bybit had opening of user registration which are based in China after having banned them for a long time. Importantly, Bybit has assured its staff that relocation to the aforementioned countries is optional, however, those who refuse to relocate will be terminated and properly compensated. Therefore, the entire Bybit staff could face significant turbulence in the coming days.
Exclusive: After opening registrations to Chinese users, Bybit begins relocation of Chinese employees to Malaysia and Dubai, and plans to close offices in Shanghai and Shenzhen. Employees who do not wish to leave can be dismissed and compensated. The Bybit team… https://t.co/31HRw2nzcA
-Wu Blockchain (@WuBlockchain) June 10, 2024
The move to a new location underlines Bybit’s commitment to adhering to relevant global regulations while maintaining its status as a law-abiding company. Moreover, this, coupled with the company’s proactive planning regarding contacts with state authorities and the fact that it avoids being blocked from the cryptocurrency exchange market, are just two examples strategic measures it has taken to stay ahead of the competition.
It is not news that cryptocurrency exchanges are currently facing challenges from global regulators, however, Bybit has stayed ahead with its latest attempt to transition to more crypto-friendly countries -cash.
It could be difficult for Singapore-based exchange Bybit to relocate its Chinese staff in a way that creates a smooth transition and minimal disruption to business operations while maintaining its competitiveness in the global cryptocurrency market.