Major Indian crypto exchange WazirX has laid off about 40% of its employees, citing a fall in trading volumes due to the bear market and the regulatory climate in India.
Local news outlet the Economic Times reports that the figure equates to around 50 to 70 employees of the exchange's around 150 employees. WazirX said in a statement that the move would help it maintain financial stability and continue to serve its customers.
"The Indian crypto industry has had its unique problems with respect to taxes, regulations, and banking access. This has led 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. To achieve this, we've had to reduce our staff to weather the crypto winter," the statement read.
WazirX further noted that it is not new to crypto bear markets as it lived through the 2018 cycle. At the time, it doubled down and built its innovative peer-to-peer engine....
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