Indian cryptocurrency exchange WazirX has laid off between 50 and 70 staff, or about 40% of its workforce. CoinDesk reports, citing three informed sources.<\/p>\n
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.<\/p>\n
\n“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.<\/p>\n<\/blockquote>\n
The company said its priorities are “financial stability and ongoing customer service,” which led to staff reductions in a crypto winter.<\/p>\n
\n“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.<\/p>\n<\/blockquote>\n
One of the sources noted that the layoffs affected several departments, including the support desk, the HR department, and others.<\/p>\n
As reported earlier, in August Indian authorities suspected WazirX<\/a> of money laundering totaling more than $350 million. Binance chief Changpeng Zhao denied purchasing<\/a> the exchange \u2014 a deal his company announced in 2019.<\/p>\n
The WazirX co-founder Nischal Shetty disputed a number of statements<\/a> by the head of Binance regarding the platform’s relationship.<\/p>\n