The post Bybit May Close China Offices, Offers Relocation to Staff appeared on BitcoinEthereumNews.com.

The world’s second-largest cryptocurrency exchange, Bybit, has disclosed a significant update in the firm’s operational model that may lead to severing operations in Shanghai and Shenzhen. This is new as the company has started catering to Chinese users based in other countries while restrictive measures are placed on cryptocurrency trading back home. Bybit May Close China Offices After the Chinese authorities began regulating Bybit and other crypto companies with offices in China, Bybit started transferring its Chinese employees to other countries, including Malaysia and Dubai, to create more offices outside China. This comes after a recent update that saw the opening of registration for Chinese citizens living in other countries where residents are allowed to trade in cryptocurrencies despite the ban in the mainland China market. Exclusive: After opening registration for Chinese users, Bybit is initiating a relocation of Chinese employees to Malaysia and Dubai, and is considering closing offices in Shanghai and Shenzhen. Employees who are unwilling to leave may be laid off and compensated. The Bybit team… https://t.co/31HRw2nzcA — Wu Blockchain (@WuBlockchain) June 10, 2024 Any employees who opt not to relocate may end up being laid off with the firm offering some severance packages to take. This decision is expected to cause considerable changes within the team dynamics and operational workflows. The transition of its operational center stresses Bybit’s willingness to follow legislation in international nations alongside taking advantage of the emerging market of overseas Chinese. Actions such as active planning regarding relationships with state authorities and avoiding the firm’s blocking in the crypto sphere exchange market emphasize the strategic approaches taken by the company to maintain a leading position in the niche. Global Expansion Amid Regulatory Challenges The act of realigning Bybit is well timed, as the cryptocurrency industry is under the pressure of regulation from…

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Filed under: News - @ June 11, 2024 3:26 am