Key Takeaways
- OKX, a major cryptocurrency exchange, is undergoing global restructuring, leading to workforce reductions in its institutional business.
- Specific numbers on layoffs were not disclosed, but sources suggest a significant portion of the institutional team was impacted.
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OKX has reduced staff in its global institutional business as part of a company-wide restructuring, CoinDesk reported Friday.
The international crypto exchange saw about a third of its institutional sales team leave, combining layoffs with voluntary exits. The full scope was not disclosed.
The change is said to be part of OKX’s strategy to adopt a traditional institutional coverage model and refine operations across multiple regions to strengthen client relationships and support long-term growth.
In a LinkedIn post on Friday, Yana Vella, Finance Director at OKX, said she had stepped down from her role.
The restructuring comes as OKX continues its global expansion, including its launch in the US last April. The team was reportedly considering going public in the US.
OKX holds the fourth spot on CoinMarketCap’s exchange rankings, which measure traffic, liquidity, trading volumes, and confidence in the legitimacy of those volumes.
