India’s Crypto Exchanges Are in Serious Peril

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Last Updated on August 5, 2022 by Bitfinsider

India cryptocurrency exchanges are currently performing very poorly. Executives are unsure of what to do as trading volumes are at their lowest for companies like Wazir X, Coin DCX, and Zebpay.

Since the crypto market has continued to decline, things have taken a bad turn. For instance, Bitcoin, which was selling for over $68,000, a new all-time high, nine months ago, has now dropped to about $21,000 per unit at the time of writing. The value of the entire cryptocurrency market fell by almost $2 trillion just in the last few months.

One of the exchanges in India that is experiencing a decline in users is Bitbns. In a recent interview, the company’s CEO, Gaurav Dahake, explained: “We are seeing a situation like this for the third time. A similar scenario played out in 2018-19 as well. The only difference is this is happening at a larger scale. A lot of exchanges have expanded their teams, hiring hundreds of people. Back then, most teams were very small. Wazir X had 12-13 people. We didn’t hire as much last year, but we are hiring now because it’s a good market for hiring. From here on, we will see exchanges taking different paths.”

Additionally, he commented on Vauld’s recent freezing of withdrawals and layoffs, saying: “Vauld is just one of the examples. They had operational issues. They hired aggressively and were looking to raise a $100 million round, but that didn’t materialize. Exchanges are also coming up with innovative solutions to circumvent TDS. Of course, there are tougher times, but I think we are close to how worse it can get.”

Aside from Dahake, Sidharth Sogani, founder and CEO of CREBACO Global, added that Vauld’s suggestion to let individuals go wasn’t a negative one. Sogani asserted: “Laying off is a very good strategic move. If I am laying off, it means I am going to survive this time, but volumes going down along with it will not help. In the ongoing situation, I will say it is not just crypto-centric. Layoffs and funding shortages are happening globally and across sectors. Crypto is just a taboo word. If the market starts going up and there’s momentum in crypto, people are ready to pay 30 percent tax and jump in, but there is no momentum [now], and this type of recession with [the] pandemic and wars is happening for the first time.”


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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