Hong Kong-based regulated crypto exchange OSL has announced it plans to lay off 40-60 of its employees, The Block has reported.
According to a company representative, the optimization is not caused by the impact of the collapse of Terra or the discount of stETH to ETH. In addition, OSL has not worked with any of the firms that faced liquidity problems amid the downturn in the market.
He has explained:
“Regulatory requirements provide a significant level of investor protection.”
OSL provides exchange, brokerage, custody and SaaS services for institutional clients and professional investors. Its operator is the only company licensed by the SFC, BC Technology Group. It was audited by one of the Big Four companies.
Fidelity Investments increased its investments in the OSL operator in January last year. Their size amounted to $6.71 million.