Cryptocurrency Exchange OKX Considers A 1% Workforce Reduction

Cryptocurrency exchange OKX is considering a potential workforce reduction, a company spokesperson said.

The OKX spokesperson declined to reveal the exact number of the potential layoffs, but stated it may effect less than 1% of OKX's global workforce.

Employees that will be going through an "employment consultation" are working through OKBL (Dublin) Services and Technology.

The spokesperson explained the development as part of a global reallocation of resources and OKX planned to increase its global headcount in 2023.

"We recently made the decision to enter into employment consultation with less than 1% of our global workforce, employed through OKBL (Dublin) Services and Technology Co. Limited. All affected employees will be assisted through their transition by the company. Net global headcount remains unaffected. This is primarily a global resourcing decision on our part, and we intend to grow our global headcount in 2023. We remain committed to Dublin as an important strategic location," the company spokesperson told Benzinga.

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The news comes as several crypto companies, such as Coinbase, Crypto.com and Gemini Trust, have reduced their workforces due to the current crypto market downturn amid the "crypto winter."

Incidentally, OKX announced last week it became the name sponsor of Istanbul Fintech Week.

Taking place on Feb. 8-9, Istanbul Fintech Week is a regional financial technology gathering of financial companies, investors, innovators, and entrepreneurs from across the world.

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