Media: Hong Kong-based OSL regulated exchange to cut 40 to 60 employees

Media: Hong Kong-based OSL regulated exchange to cut 40 to 60 employees

Media: Hong Kong-based regulated exchange OSL to lay off 40 to 60 employees

The Hong Kong-based regulated bitcoin exchange OSL will lay off 40 to 60 employees (~15% of its staff). This is reported by The Block, citing sources familiar with the situation.

A company representative confirmed the information, but did not give specific figures. He clarified that the optimization is not caused by the impact of the collapse of Terra or the discount of stETH to ETH. The company has also not worked with any of the firms that faced liquidity problems amid the market downturn.

“Regulatory requirements provide a significant level of protect investors,”, he stressed.

OSL provides exchange, brokerage, custody and SaaS services for institutional clients and professional investors. Its operator is the only company licensed by the SFC, BC Technology Group. It was audited by one of the Big Four companies.

Recall that in January 2021, Fidelity Investments increased its investment in the OSL operator – their amount amounted to $6.71 million. At that time, Fidelity had 6.29 % of shares in BC Technology Group.

Earlier, BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian Mercado Bitcoin exchange also announced staff optimization. 

Coinbase will reduce staff by about 18%, crypto-lending platform BlockFi – by 20%.

In June, CEO Chris Marszalek announced plans to lay off about 260 employees. 

According to journalist Colin Wu, to cut 30% of the staff is also collected by Bybit and Huobi.

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