Crypto exchange Bybit has announced that it is taking a series of precautionary measures to protect its employees and ensure business continuity in the UAE.
The crypto exchange is set to carry out safety assessments for its UAE-based employees while also taking other measures infrastructurally.
The move has come at a time of heightened geo-political tensions, which have been affecting the crypto market as a whole.
Bybit plans backup appointments
As part of the planning , Bybit has decided that it will appoint backup managers for all critical roles in the country.
The reason for the move is to make sure that operations can keep going smoothly even if key staff members can’t do their jobs because of travel problems and safety concerns.
In other words, Bybit has planned to ensure role redundancy to avoid delays in decision-making or disruptions in critical business functions or emergency in the UAE.
The platform has strategized to activate a cross-regional support structure, wherein other offices in other global offices can assist in supporting the UAE operations, in the event of a need for it.
Bybit to add 8-hour emergency power backup to UAE offices
On the infrastructure side, the company plans to improve its offices by installing power backup systems that can last for at least eight hours in the event of an emergency.
This is particularly important for crypto exchanges, as any disruption in power can have negative consequences on the operations of the exchanges. The ability to have uninterrupted connectivity can help minimize the risk of operation halt in the event of unforeseen disruptions.
In addition, the company has made the decision to postpone all planned employee relocations to the UAE until further notice. This is an indication of the cautious approach the platform is taking by prioritizing the safety of its employees over the need for expansion.
By delaying the relocation of the employees, the company is ensuring they are not relocated to an environment that could potentially be characterized by uncertainty.
This is an indication of the risk management approach being taken by crypto exchanges, which is similar to what is being done by traditional financial institutions. Instead of waiting for unforeseen disruptions to occur, the company is taking proactive steps to ensure the operations are not negatively impacted.