CoinSwitch lays off 44 of its 126-strong customer-support team

CoinSwitch lays off 44 of 126 customer-support staff amid weak market activity.

India-based CoinSwitch has cut 44 of 126 staff in its customer-support department. Representatives of the cryptocurrency exchange cited weak market activity, MoneyControl reports.

In a conversation with CoinDesk, they said the layoffs affected about 7% of the company’s staff (640 employees).

Since April the firm has hired around 60 people, mainly in product development and compliance.

Earlier, competing CoinDCX laid off 12% of its staff, citing tighter regulatory requirements and a deteriorating market.

In October 2022, WazirX laid off between 50 and 70 employees, or about 40% of the staff, according to media reports.

In 2022, India tightened levies on traders and investors. The law imposes a 30% tax on cryptocurrency transactions and 1% under the framework of TDS.

Earlier, ForkLog reported a sharp drop in trading volume on local Bitcoin exchanges in response to tighter fiscal burdens.