Before Lunar New Year, the former chairman of Hong Kong’s top cryptocurrency exchange OSL, Wayne Trench, left his CEO position.
- According to the latest announcement, Wayne Trench has changed from the position of CEO of OSL to an advisory role. Previously the company has laid off more than a third of the company’s employees.
- This is a strategic move by OSL in the current downtrend; with the elimination of human resources and the change of the company’s position, it will help the OSL exchange to maintain its position while the other exchanges have been acquired or gone bankrupt or worse choose to “embrace the money and run away”.
- OSL investor representative, Mr. Luc Hang said, “This change in personnel structure is very true to Asian culture, and is also a chance to compete with big exchanges like Binance or Huobi which are currently expanding in Asia as it is now. Moreover, this action will ensure the confidence of Hong Kong investors using this exchange.”
- Arguably, this is a defensive action of OSL while waiting for the market to show signs of recovery and support packages from development projects into Hong Kong’s cryptocurrency hub.
