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The Dubai-based crypto exchange Bybit announced this week that it was cutting staff due to high inflation and a decline in consumer spending, according to Blockworks.

Bybit claims it has over 5 million users and trades $12 billion in cryptocurrency across 160 countries.

“We are exploring a way to remove overlapping functions and build smaller but more agile teams,” a Bybit representative told Blockworks

“We are committed to continuously investing in strategic [Web3] projects and acquisitions, as well as sponsoring nonprofit organizations as we streamline our expansion plans based on our business priorities,” Bybit’s representative said.

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The recent slump in crypto markets has resulted in large-scale firings and layoffs at crypto firms, affecting companies like Coinbase,, and Gemini. Coinbase decimated nearly 20% of its staff, while Gemini dropped 10% of its workforce and laid off 5%.

“Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis," the company's spokesperson said.