15% of the OSL Cryptocurrency Exchange’s Workforce are Being Let Go
- There is no connection between the layoffs and any exposure to questionable cryptocurrencies.
- Numerous digital asset exchanges, such as Coinbase, Gemini, Bybit, Crypto.com, and Singapore-based Vauld, have reduced their staff by up to 30%.
- The Securities and Futures Commission of Hong Kong has granted OSL, a subsidiary of the Hong Kong-listed BC Technology Group, a license.
The move comes as the bear market for cryptocurrencies continues to drag on, with prices falling by more than 80% since January. Many digital asset companies have been forced to make cuts and layoffs as a result. OSL is reportedly cutting staff across all departments, including sales, trading, research, and compliance.
The exchange is also said to have closed its London office and restructured its business in Asia. The news of OSL’s layoffs comes as the cryptocurrency industry continues to face challenges. In addition to falling prices, regulatory uncertainty remains a major concern for many companies operating in the space.
The job cuts come as a surprise to many in the industry, as OSL has been one of the most active and vocal supporters of cryptocurrencies. The company has even gone so far as to launch its own cryptocurrency exchange, called OBX, which is one of the largest in Asia. It is unclear why OSL would be cutting jobs now when the cryptocurrency market is seeing a resurgence after a long bear market.
One possible explanation is that the company is simply trimming its workforce to save costs during these tough economic times. Another possibility is that OSL is feeling pressure from regulators cracking down on cryptocurrency exchanges and ICOs. Whatever the reason, it’s sure to have a ripple effect throughout the industry.
Digital Asset Exchanges
In recent months, a number of digital asset exchanges have been forced to lay off staff due to the ongoing bear market. Among those affected are Coinbase, Gemini, Bybit, Crypto.com, and Singapore-based Vauld. All of these exchanges are licensed by the Securities and Futures Commission of Hong Kong (SFC).
The current bear market for cryptocurrencies has seen prices fall sharply. This has led to a reduction in trading activity and, as a result, many exchanges have been forced to cut costs by laying off staff. While this may be bad news for those who have lost their jobs, it is likely that the overall industry will benefit in the long term as consolidation takes place and weak players exit the market.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
