Bybit Exchange to Move Chinese Employees to Dubai and Malaysia

Bybit, one of the leading cryptocurrency exchanges in the world is reportedly planning to move its Chinese employees to other parts of Asia including Dubai and Malaysia. This comes shortly after the exchange giant launched registrations for Chinese users in the diaspora. Additionally, Bybit is considering closing its offices in Shanghai and Shenzhen following strict regulatory measures in the country.

Bybit to Exit China Completely

In a recent post on X, popular crypto reporter Colin Wu of Wu Blockchain disclosed that Bybit, the second-largest cryptocurrency exchange by trade volume has initiated plans to move its staff from China to Dubai and Malaysia. Consequently, the company has also considered the possibility of exiting the country as it plans to close its offices in the region.

Interestingly, this comes against the backdrop of a previous announcement that Bybit has opened up registration for users who are based in China after prohibiting them for a long time. It is important to note that Bybit has assured its staff that relocating to the aforementioned countries is optional, however, those who refuse to move will be laid off and adequately compensated. Consequently, the entire Bybit workforce may face significant turbulence in the coming days.

The movement to a new location underscores Bybit’s commitment to adhering to global relevant regulations while maintaining its status as a law-abiding firm. Moreover, this, coupled with the company’s proactive planning concerning contacts with state authorities and its avoidance of being blocked in the cryptocurrency exchange market are just two examples of the strategic measures it has taken to stay ahead of the competition.

It is not news that cryptocurrency exchanges are currently facing challenges from global regulatory bodies, however, Bybit has stayed ahead of the curve with its latest attempt to transition to more crypto-friendly nations.

It might be challenging for the Singapore-based Bybit exchange to relocate its Chinese staff in a way that creates a smooth transition and as few disruptions as possible to business operations while maintaining its competitiveness in the global cryptocurrency market.