Hong Kong-based cryptocurrency exchange OSL is reportedly laying off 40 to 60 employees, or about 15% of its workforce, to join a growing list of digital asset companies in scaling down operations amid tanking cryptocurrency prices.

See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18%

Fast facts

  • The job cuts are not associated with any exposure to problematic cryptocurrencies or projects such as staked ether (stETH) and TerraUSD Classic (USTC), The Block reported, citing an OSL spokesperson.
  • OSL, under Hong Kong-listed BC Technology Group, is licensed by the Securities and Futures Commission of Hong Kong.
  • A slew of digital asset exchanges, including Coinbase, Gemini, Bybit, Crypto.com and Singapore-based Vauld, have cut up to 30% of their workforces.

See related article: Bybit to cut up to 30% of its workforce