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Hong Kong Commits to Become a Crypto Hub as Fidelity-Backed OSL Exchange Cuts Staff

2 mins
Updated by Ryan Boltman
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In Brief

  • The Hong Kong-based crypto exchange plans to cut costs by a third; the cost-cutting will also involve slashing staff.
  • Hong Kong is pushing towards becoming a regional crypto hub.
  • The massive layoffs in the crypto space continue in 2023, with exchanges like Crypto.com, Blockchain.com, and Coinbase reducing headcounts.
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The Hong Kong-based crypto exchange OSL is reducing its headcount, but the country envisions becoming a crypto hub.

The employees of the OSL exchange are the latest victim of the crypto winter, as the firm decides to go into a cost-cutting mode. According to a Bloomberg article, the exchange backed by Fidelity Investments is cutting costs by about one-third.

OSL Exchange Cuts Cost, While Hong Kong Looks to Become a Crypto Hub.

Hugh Madden, the CEO at Hong Kong-based OSL, says that their cost-cutting decision is made considering the current market conditions and will include headcount reduction. However, there is no information on the number of employees that the layoff will impact.

The layoff at OSL comes when Hong Kong plans to expand its crypto foothold. The country’s Regulatory Authorities are willing to allow retail investors to trade highly liquid crypto. Earlier, it was limited to just the investors with $1 million+ bankable assets. 

The country is also working to attract businesses in the crypto sector. Paul Chan, the Financial Secretary of Hong Kong, says they are committed to becoming a regional crypto hub. He further said, “As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates. The city has a robust regulatory framework that matches international norms and standards while prohibiting free-riders.”

Crypto Exchange Layoffs Continue in 2023

OSL is not the only exchange to announce layoffs in 2023. The crypto brokerage Blockchain.com slashed its full-time employees’ headcount by 28% last week, intending to turn profitable in 2023. According to a source close to the situation, the firm also laid off up to 100 contract employees, making up around 80% of the total contractors.

Crypto exchange, Crypto.com also announced to slash 20% of its staff last week for a longer-term standpoint. It is worth noting that Coinbase also announced laying off 950 employees, taking its staff cuts to over 2,000 since June 2022.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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