In a new development, Bybit has released a new directive regarding its operational services in the local provinces of China, especially in Shangai and Shenzhen, informing the public of its plans to relocate most of its Chinese employees to its other bases in Malaysia and Dubai.
For context, China has embarked on growing its economy and local currencies journey. As part of concentrated efforts to achieve its developmental milestone, it has placed necessary rules with potential negative impacts on cryptocurrency platforms.
The above explains Bybit’s recent resolve amid stringent regulatory guidelines emerging at an alarming rate, impeding many crypto exchange expansion goals.
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
Implications Of Failing To Relocate
According to Wu Blockchain, a renowned Chinese news handle on X, Bybit exchange aims to transfer its operational team from China to other promising countries like Malaysia and Dubai, the United Arab Emirates (UAE) capital city, where cryptocurrency activities are booming.
Stressing further, the tweet noted that affected employees who do not desire to relocate to any of the two countries highlighted earlier risk losing their employment. However, arrangements are in place for due compensation packages. At the time of drafting this report, details about the compensation remains hidden from the public.
Possible Implications For Bybit’s Affected Employees
When situations like the ones described above play out, the affected employees tend to be at the losing end most times, as they risk losing many things. Aside from some of them losing their jobs, many uncertainties are also gradually setting in.
Notably, some displaced employees will leave China for the first time, relocating to a new environment where they might experience cultural shock, requiring time to settle and blend in. Some might be separated from family members and other loved ones, underscoring why the sudden notice will undoubtedly pose significant inconveniences to many.
Positive Angle
While the relocation plan might come with heightened uncertainties, affected employees should draw inspiration from the positive angle, which entails better exposure to the outside world and the potential for more opportunities.
At the same time, those unwilling to move should draw satisfaction, stemming from the fact that the trading platform possesses their interest in mind with the compensation plans package.
