Hong Kong exchange OSL cut headcount by 15%

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Hong Kong's regulated cryptocurrency exchange OSL said it has decided to lay off between 40 and 60 employees, representing about 15% state.

The OSL representative noted that the decision toReducing the number of personnel was not easy for the management of the exchange. However, this has nothing to do with the Terra project and other companies that have problems with liquidity and solvency. 

OSL was not affected by the situation with stETH, LUNA orUST. The regulatory requirements of the trading platform provide the necessary level of investor protection, which over time should become mandatory for all licensed industry participants, the exchange employee emphasized.

OSL is licensed by the Securities Exchange Commissionand Hong Kong futures, which allows the exchange to work with digital assets, provide brokerage and custodial services, and also operate on a software-as-a-service (SaaS) model. An OSL spokesperson said the exchange had only adjusted its business model to focus on SaaS and supporting institutional investors.

BC Technology Group (BC Group), parentOSL 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 institutions in Argentina, Brazil, Colombia and Mexico.

OSL is not the only exchange that optimizesits 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 platform reduced its staff by 10%. And Binance alone plans to hire about 2,000 specialists, despite market instability.