CryptoCA

Coinsquare Layoffs

July 2022

Coinsquare announced a layoff affecting 30 employees (24% of its workforce) in July 2022. The company operates in the Crypto sector.

People Affected

Percentage

24%

Announced Date

Jul 27, 2022

About

Coinsquare, a Toronto-based cryptocurrency exchange startup, has laid off approximately 30 employees, representing about 24 percent of its workforce, reducing headcount from 125 to around 95. The cuts, confirmed in mid-2022, stem from challenging market conditions, including decreased trading volumes amid the broader crypto downturn, as well as a strategic shift toward becoming a regulated crypto investment dealer in Canada. The company, which experienced rapid hiring during the previous year's market boom, also implemented executive pay cuts. This move aligns with a wider trend of layoffs across the crypto industry, as firms like Gemini and Coinbase also reduce staff. Coinsquare aims to refocus its team to meet regulatory requirements, following a 2020 settlement with the Ontario Securities Commission.