Another major crypto exchange has decided to reduce the number of employees a week after its CEO left.

bitmex has reduced its number of employees as part of a strategy to move away from the company’s “beyond derivatives” model.

“We are moving away from our Beyond Derivatives strategy and will be bringing back much of our focus with the goal of providing the crypto derivatives trading experience that people will turn to,” according to Bitmex.

“We are going to refocus on liquidity, latencies and a vibrant derivatives community, including BMEX token trading.”

The company’s “beyond derivatives” included a boost to spot trading, brokerage and custody services.

Bitmex had employed around 180 people as of September.

Initially, Bitmex was reported to have laid off 30% of the workforce, but they later clarified that the number was lower. However, the company has not released an exact number.

The company had previously laid off around 75 jobs after canceling its plan to take over German bank Bankhaus von der Heydt.

According to the company’s statement, they “will refocus on liquidity, latencies, and a vibrant derivatives community, including BMEX token trading.”

They further added that the company’s top priority is to make sure “all employees who will be affected have the support they need.”

Bitmex became the first crypto exchange to offer crypto derivatives after its establishment in 2014.

The cut came a week after CEO Alexander Höptner stepped down from Bitmex for less than two years, after which the company named CFO Stephan Lutz as interim CEO.

Höptner was recruited to rescue BitMEX when United States market regulators were investigating the previous CEO, Arthur Hayes.

Höptner took over as CEO in January 2021 at a time when the exchange needed enough stability and a break from the legal onslaught US regulators launched on its derivatives. Based on his experiences with Börse Stuttgart, Deutsche Börse AG and led Euwax AG, Höptner undertook to shift the primary focus from derivatives trading to other products.

Apart from Bitmex, other crypto exchanges like Crypto.com and BlockFi have also laid off their employees.

Cryptocurrency exchange Crypto.com and lending platform BlockFi announced plans to cut more than 400 jobs globally in June as they came under pressure from tough market conditions.

Crypto.com said it would reduce its workforce by 5%, which works out to about 260 employees. While BlockFi announced that it would lay off 20% of its workforce, around 170 people.

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