Global cryptocurrency trading firm OKX recently restructured its institutional business globally, resulting in job losses.
The exact number of people leaving the business was not disclosed, but a person familiar with the matter said half of the team was laid off. Another person said that when the restructuring was announced, 8 to 10 people were laid off and 3 to 4 people left the business of their own accord.
As a result, about one-third of corporate sales representatives have left the company, the person added.
A company spokesperson said these were not “mass layoffs” and provided no further guidance on the total number of employees affected by the restructuring.
“OKX recently completed a review of its institutional business as we continue to expand globally,” a spokesperson said in an emailed comment. “As part of that process, we are evolving toward a more traditional institutional coverage model designed to deepen long-term relationships with our clients and better support their needs across geographies and market cycles.”
The job cuts are part of OKX’s broader restructuring to restructure its global retail and institutional businesses, with the exchange considering how best to roll out licenses across its markets and planning further organizational adjustments in the coming months.
OKX operates through regulated entities in several major markets including the EU under MiCA via Malta, some US states, the UAE via VARA in Dubai, Singapore and Australia.
The Seychelles-based cryptocurrency exchange expanded to the US last year, establishing a new regional headquarters in San Jose, California.
OKX Europe acquired a MiFID II-certified company in Malta in March last year, allowing it to offer derivatives in Europe.
The company’s head of finance, Jana Vella, has also left the business, according to a post on LinkedIn today.
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