Hong Kong-regulated OSL to cut 40–60 staff, about 15% of the workforce

The Hong Kong-regulated bitcoin exchange OSL will cut 40 to 60 staff (about 15% of its workforce). reports The Block citing sources familiar with the situation.

A company spokesperson confirmed the information but did not provide specific figures. He explained that the optimisation was not triggered by the Terra collapse or the discount of stETH to ETH. The company had not worked with any of the firms that faced liquidity problems amid the market downturn.

“Regulatory requirements provide a substantial level of investor protection”, he stressed.

OSL provides exchange, brokerage, depository and SaaS-services for institutional clients and professional investors. Its operator — the only licensed SFC company BC Technology Group. It has undergone an audit by one of the Big Four firms.

Earlier, Fidelity Investments increased its investment in OSL’s operator — the amount amounted to $6.71 million. At that time Fidelity owned 6.29% of BC Technology Group.

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

Coinbase will cut about 18% of its staff, the crypto-lending platform BlockFi — by 20%.

In June, Crypto.com CEO Kris Marszalek stated plans to lay off around 260 employees.

According to journalist Colin Wu, Bybit and Huobi also plan to trim staff by up to 30%.

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