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.