Indian cryptocurrency exchange WazirX has laid off between 50 and 70 staff, or about 40% of its workforce. CoinDesk reports, citing three informed sources.
According to the report, employees were promised severance equal to 45 days’ pay. The platform’s representatives confirmed the staff cut without specifying the exact number of those laid off.
“The crypto market is under bear-market pressure due to the current global economic slowdown. The Indian crypto industry has faced unique tax, regulatory and banking-access challenges, which have led to a sharp drop in trading volumes across all local platforms,” the WazirX statement said.
The company said its priorities are “financial stability and ongoing customer service,” which led to staff reductions in a crypto winter.
“The crypto industry operates in cycles, and after the bear, a remarkable bull market inevitably follows. We will continue to grow and focus on our customers’ needs,” added WazirX.
One of the sources noted that the layoffs affected several departments, including the support desk, the HR department, and others.
As reported earlier, in August Indian authorities suspected WazirX of money laundering totaling more than $350 million. Binance chief Changpeng Zhao denied purchasing the exchange — a deal his company announced in 2019.
The WazirX co-founder Nischal Shetty disputed a number of statements by the head of Binance regarding the platform’s relationship.
Read ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.