ByBit crypto exchange initiating a relocation of Chinese employees to Malaysia & Dubai and also planning to lay off some Chinese employees.
Bybit is a popular cryptocurrency exchange recognized 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. Additionally, Bybit is commended for its robust security measures and excellent customer support.
On 10 June 2024, Popular Chinese crypto blogger Colin Wu reported that Bybit crypto exchange planned to relocate ByBit’s Chinese employees to Malaysia & Dubai.
Those employees who would not agree with Bybit’s plan will be removed from the company but will get compensation.
As per report, Bybit planned to close offices in Shanghai and Shenzhen.
Earlier this, just four days ago, Bybit unexpectedly opened registration and authentication for Chinese users, despite previously prohibiting them. The management team had been very cautious about this decision.
Data indicates that Bybit may have tens of millions of Chinese users, following its recent decision to allow their registration, unlike its previous policy. This move has caused internal employee panic. 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Bybit withdrawn VASP licence from Hong Kong
On 1 June 2024, We reported that Bybit officially withdrew its VASP licence from the Hong Kong SFC body, without providing any proper reason.
Later a Hong Kong official raised his disappointment with Hong Kong’s crypto licence system and claimed that the licence was not easy to get for any company & also not beneficial for companies to operate business under those rules.
Read also: Singapore Banks Tighten Scrutiny After $2.23 Billion Money-Laundering Scandal
