Share this article
Fidelity International-Backed Exchange OSL Cuts Workers Amid Crypto Winter: Bloomberg
Hugh Madden, CEO of OSL's parent company, cited current market conditions.
By Nelson Wang
Updated May 9, 2023, 4:06 a.m. Published Jan 17, 2023, 2:12 p.m.
CORRECTION (Jan. 18, 23:33 UTC): Corrects headline, first graph to say OSL is backed by Fidelity International, not Fidelity Investments.
Fidelity International-backed crypto exchange OSL is cutting staff and reducing its overall costs by about a third in another example of a major crypto firm retrenching, according to a report from Bloomberg on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The exchange, which was Hong Kong's first licensed cryptocurrency exchange, declined to say how many positions were cut.
The move to reduce costs was due to “current market conditions” and “included headcount reduction,” Hugh Madden, CEO of OSL’s parent company, BC Technology Group, said in a statement to Bloomberg.
OSL didn't immediately respond to a request for comment.
The job cuts follow a string of recent layoff announcements at major crypto firms. Crypto brokerage Blockchain.com cut its staff by 28% last week, crypto exchange Coinbase announce cuts of 20% of its staff, or around 950 jobs, and Ethereum development firm ConsenSys plans to lay off 100 or more. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since last April.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
What to know:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
