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

A company representative confirmed the information, but did not provide specific figures. He explained that the optimization was not due to the impact of Terra’s collapse or the downgrade of stETH to ETH. The company also did not work with one of the companies that had liquidity problems due to the recession in the market.

“Regulatory requirements provide significant investor protection”stressed.

OSL provides clearing, brokerage, custody and SaaS services for institutional clients and professional investors. Operator single licensed SFC BC Technology Group. It was audited by one of the Big Four companies.

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

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

Coinbase will reduce staff by about 18%, and 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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