Hong Kong-regulated OSL to cut costs by about a third

Fidelity International-backed Hong Kong exchange OSL will cut costs by about a third due to ongoing turbulence in the crypto industry, reports Bloomberg.

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The decision was taken in response to ‘current market conditions’ and envisages a reduction in staff, said Hugh Madden, chief executive of parent BC Technology Group. The executive did not specify by how much the workforce would be reduced.

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The crypto exchange offers trading and custody services for crypto assets, as well as software solutions for institutional investors.

Earlier in June, OSL stated its intention to lay off 40 to 60 staff (~15% of the workforce).

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