OKX will reduce its workforce in a global restructuring effort
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OKX, the main cryptocurrency exchange, is undergoing a global restructuring, which will reduce the workforce in its institutional business. Specific numbers on the layoffs have not been disclosed, but sources indicate that the institutional group has a significant share.
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OKX has cut staff in its global institutional business as part of a company-wide overhaul, CoinDesk reported Friday.
The global crypto exchange has seen about a third of its institutional sales team leave, combining job cuts with voluntary exits. The full range has not been disclosed.
The change is said to be part of OKEX's strategy to adopt a traditional institutional coverage model and streamline operations across regions to strengthen client relationships and support long-term growth.
In a LinkedIn post on Friday, Yana Vela, finance director at OKX, announced her resignation.
The restructuring comes as OKX continues its international expansion, including its US launch last April. The group was reportedly considering going public in the US.
OKX ranks fourth on CoinMarketCap's exchange rankings, which measure traffic, liquidity, trade volume and confidence in the legitimacy of those volumes.
