Hong Kong-based regulated cryptocurrency trading exchange OSL said it has decided to lay off 40 to 60 employees, about 15% of its staff.
The OSL representative noted that the decision to reduce the number of staff was not easy for the management of the exchange. However, this has nothing to do with the Terra project and other firms that have problems with liquidity and solvency.
OSL was not affected by the situation with stETH, LUNA or UST. The regulatory requirements of the trading platform provide the necessary level of investor protection, which over time should become mandatory for all licensed participants in the industry, the exchange employee emphasized.
OSL is licensed by the Hong Kong Securities and Futures Commission, allowing the exchange to deal with digital assets, provide brokerage and custodial services, and operate on a Software-as-a-Service (SaaS) model. An OSL spokesperson said the exchange has only adjusted its business model to focus on SaaS and support for institutional investors.
BC Technology Group (BC Group), OSL’s parent company, is backed by major investors including Fidelity International and Singapore’s GIC fund. In October, OSL announced its intention to develop brokerage activities and support institutionals in Argentina, Brazil, Colombia and Mexico.
OSL is not the only exchange optimizing its activities against the backdrop of the cryptocurrency market crisis and rising inflation. In June, the Coinbase exchange laid off more than 1,000 employees, and the Gemini exchange reduced its staff by 10%. And only Binance plans to hire about 2,000 specialists, despite the instability of the market.
Source: Bits
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