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regulated exchange OSL to lay off 40-60 employees


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

A company representative confirmed the information, but did not provide 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 also did not work with one of the firms that faced liquidity problems amid the downturn in the market.

“Regulatory requirements provide a significant level of investor protection”he emphasized.

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

Recall that in January 2021, Fidelity Investments increased investments in the OSL operator – their size amounted to $6.71 million. At that time, Fidelity had a 6.29% stake in BC Technology Group.

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

Coinbase will cut staff by about 18%, blockchain platform BlockFi by 20%.

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

According to journalist Colin Wu, Bybit and Huobi are also planning to cut staff by 30%.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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