Indian exchange WazirX has laid off several employees, the company said in a statement shared with CoinDesk on Saturday.
50 to as many as 70 employees or 40% of the exchange's workforce of 150, were laid off, three sources familiar with the matter told CoinDesk. The laid off workers were told on Friday they would be paid for 45 days, they would not be required to report for work henceforth and their accesses were withdrawn simultaneously.
"The crypto market has been in the grip of a bear market because of the current global economic slowdown," WazirX said in a statement on Saturday. "The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has lead to a dramatic fall in volumes in all Indian crypto exchanges."
"As India's No 1. exchange, our priority is to be financially stable and to continue serving our customers," the company said. "To achieve this, we've had to reduce our staff to weather the crypto winter. This situation...
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