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%
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