Cryptocurrency exchange OKX restructured its institutional business, resulting in job losses across approximately one-third of its sales team.
The Seychelles-based exchange confirmed changes are part of a shift toward a "more traditional institutional coverage model" but declined to specify total affected employees.
Sources familiar with the matter provided conflicting accounts, with one reporting half the institutional team departed while another indicated 8-10 layoffs plus voluntary exits.
The restructuring occurs as OKX reviews how to deploy licenses across markets including the U.S., EU, UAE, Singapore, and Australia.
What Happened
OKX stated the changes aim to "deepen long-term relationships with clients and better support their needs across regions and market cycles."
The exchange operates through regulated entities in major markets including Malta under MiCA, select U.S. states, Dubai's VARA, Singapore, and Australia.
OKX expanded to the U.S. in April 2025, establishing regional headquarters in San Jose, California, following a $504 million settlement with the Department of Justice.
The firm acquired a MiFID II-licensed entity in Malta in March 2025, enabling derivatives offerings across the European Economic Area.
Head of Finance Yana Vella also left the business, according to a LinkedIn post.
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Why It Matters
OKX's institutional restructuring follows a pattern among exchanges consolidating operations after rapid expansion.
The cuts come despite the exchange maintaining approximately 5,000 employees globally and pursuing aggressive growth in regulated markets.
Similar executive departures occurred at Binance before its $4.3 billion regulatory settlement, though OKX's situation differs in scale and regulatory standing.
The exchange's focus on "traditional institutional coverage" suggests a shift from aggressive client acquisition toward relationship-based institutional services.
OKX ranks as the world's third-largest cryptocurrency exchange by trading volume and holds licenses across multiple jurisdictions following its 2025 regulatory push.
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