OKX Reshapes Institutional Operations, Resulting in Staff Reductions

TLDR

• OKX has restructured its institutional business, resulting in significant job cuts.
• The layoffs affected about half of the institutional team, with 8-10 staff members reported to be laid off.
• A third of OKX’s institutional salesforce has left the company due to the restructuring.
• The company has not disclosed the exact number of layoffs but denied that they were “mass layoffs.”
• OKX is adopting a more traditional institutional coverage model to strengthen client relationships.

OKX has recently restructured its institutional business, resulting in layoffs and personnel changes. The exchange has scaled down its global operations, particularly within its institutional team. While the exact number of layoffs remains unclear, reports suggest that about half of the team has been affected.

OKX Cuts Institutional Team Amid Restructuring

OKX has carried out a substantial reduction in its institutional business, with reports pointing to significant layoffs. According to sources familiar with the matter, about half of the institutional team was let go. One individual mentioned that roughly 8-10 staff members were laid off, while 3-4 others chose to leave voluntarily.

The cuts represent about one-third of OKX’s institutional salesforce. However, the company has yet to disclose the exact number of employees impacted. A spokesperson for OKX denied that these reductions were “mass layoffs” but provided little additional information on the matter.

The company’s spokesperson explained that the restructuring was part of a broader review of OKX’s institutional business. The review aims to enhance long-term client relationships by adopting a more traditional institutional coverage model. OKX intends to better support its clients across various regions and market cycles.

This restructuring is also in line with OKX’s global growth strategy. The company is adjusting its operations and licenses to better align with market demands. Further organizational adjustments are expected in the coming months as part of this ongoing review.

OKX operates in multiple regulated markets, including the EU, U.S., and UAE, among others. These markets require the company to be flexible in its operations and compliance standards. OKX has recently expanded its presence in the U.S. and established a new regional headquarters in California.

Departure of Key Personnel

Along with the layoffs, Yana Vella, OKX’s head of finance, has also left the company. Vella’s departure was confirmed via a LinkedIn post, further indicating a shift within the company’s leadership. OKX has not disclosed further details regarding the reasons behind her exit or the broader executive changes.

As OKX moves forward with its restructuring, the exchange is focusing on adjusting its business strategies to meet the evolving demands of the global market. The company’s commitment to global expansion remains a priority, but it continues to reevaluate its operations for efficiency and sustainability.

The post OKX Reshapes Institutional Operations, Resulting in Staff Reductions appeared first on CoinCentral.